Home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.5% in June, according to data from Santa Ana, Calif.-based CoreLogic. On a month-over-month basis, including distressed sales, home prices increased by 1.3% in June. The June figures mark the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.
Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 3.2% in June, while prices were up 2% on a month-over-month basis. June is the fifth consecutive month-over-month increase for home prices that do not include distressed sales.
‘Home prices are responding positively to reductions in both visible and shadow inventory over the past year,’ says Mark Fleming, chief economist at CoreLogic. ‘This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.’