Home prices in June increased by 7.5% year over year, reflecting the housing market’s overall steady growth, according to a recent CoreLogic report.
Including distressed sales, year-over-year home prices were up in every state but Arkansas. Michigan led the country with an 11.5% price increase from June 2013, followed closely by California’s 11.3% increase.
Excluding distressed sales, all states experienced a year-over-year rise in prices, with Massachusetts and New York showing the largest gains of 11.2% and 9.8%, respectively.
This marks the 28th consecutive month of year-over-year increases in the CoreLogic Home Price Index (HPI). While home prices continue to mark steady gains in the nation’s largest housing markets, they are largely pumping the brakes on the speed of their growth, data shows.
And despite consistent gains, home prices are still well below their peak levels in April 2006, the CoreLogic report finds. Including distressed sales, June prices were 12.9% below peak levels; excluding distressed sales, prices were down 9% from their peak.
Some of the states now growing the fastest also fell the farthest in the housing crisis and are still looking to bounce back, CoreLogic notes.
Despite having the third-fastest state appreciation at 11.1% year over year, Nevada was still at 37.3% below its 2006 peak level. Florida had the second-largest peak-to-current drop at 34.1%.
View the full CoreLogic report here.
Written by Emily Study