U.S. home prices spike by 6.5% in June

by Ryan Smith05 Aug 2015
Home prices across the U.S. spiked by 6.5% year-over-year in June, according to new data from CoreLogic.

CoreLogic’s Home Price Index showed a 6.5% year-over-year increase in home prices nationwide, including distressed sales, in June. That marks the 40th consecutive month of annual price increases nationwide. On a month-over-month basis, prices nationwide, including distressed sales, rose by 1.7%.

Prices were also nearing their peaks in June. Including distressed sales, 35 states and the District of Columbia were all at or within 10% of their peak prices, according to CoreLogic. Fifteen states and D.C. hit new peaks.

Excluding distressed sales, home prices saw a 6.4% annual increase in June and a 1.4% month-over-month increase. When distressed sales were taken out of the mix, only Louisiana and Massachusetts saw year-over-year price depreciation in June.

Including distressed sales, Colorado saw the highest annual price appreciation at 9.8%, followed py Washington (8.9%), New York (8.3%), South Carolina (8.2%) and Nevada (7.9%).

Inventory, meanwhile, remains tight nationally – although that varies depending on the area, according to Frank Nothaft, CoreLogic’s chief economist.

“Throughout the U.S., the months’ supply was 4.8 months in the CoreLogic home-listing data for June, but varied greatly across cities,” Nothaft said. “In San Jose and Denver, there was only 1.6 months’ supply of homes on the market, whereas Philadelphia had a 7-month supply and Providence had a 6.6-month supply. The stronger appreciation was registered in cities with limited inventory and strong homebuyer activity, such as San Jose and Denver.”

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