Home prices including distressed sales across the nation saw a year-over-year increase of 3.8% in July, making it the biggest yearly increase since August 2006, according to CoreLogic (NYSE: CLGX), provider of information, analytics and business services in its monthly Home Price Index (HPI) report.
The monthly measure of home prices including distressed properties also increased by 1.3% from June 2012 to July 2012, making it the fifth consecutive month-over-month increase, according to CoreLogic.
“The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” said Mark Fleming, chief economist for CoreLogic.
August home prices are expected to show increases as well, and CoreLogic projects a 4.6% yearly increase will be measured. Positive gains in home prices are expected to continue for the duration of the year.
“Although we expect some slowing in price gains over the balance of 2012, we are clearly seeing the light at the end of a very long tunnel,” said Anand Nallathambi, president and CEO of CoreLogic.
States seeing the highest yearly appreciation in home prices include Arizona (16.6%), Idaho (10%) and Utah (9.3). The states with the greatest depreciation in home prices were Delaware (-4.8%), Alabama (-4.6%) and Rhode Island (-2.2%).
Written by Erin Hegarty