Home prices across the country have climbed for the 16th consecutive month, and the upward trend looks set to continue.
According to CoreLogic, home prices across the country – including distressed sales – jumped by 11.9% between June 2012 and June 2013. Prices rose 1.9% from May 2013. CoreLogic projects July’s year-to-year increase at 12.5%, with a month-to-month increase of 1.8% over June.
"In the first six months of 2013, the U.S. housing market appreciated a remarkable 10%," said Dr. Mark Fleming, chief economist for CoreLogic. "This trend in home price gains is moving at the fastest pace since 1977."
Anand Nallathambi, president and CEO of CoreLogic, forecasted double-digit house price growth through July. In spite of the rapid appreciation, Nallathambi said affordability had yet to be significantly dented.
"Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels," Nallathambi said.
Nevada had the highest home appreciation rate in June at 26.5%. Rounding off the top five were California (21.4%), Wyoming (16.7%), Arizona (16.2%) and Georgia (14.3%).
Including distressed sales, only two states saw home prices depreciate in June: Mississippi (-2.1%) and Delaware (-1.1%). When distressed sales were excluded, no states posted home price depreciations for the month.