U.S. home prices increased 1.7% in July compared to June, including distressed sales; however, they are forecast to increase only 0.6% from July to August, indicating that home price appreciation will continue to decelerate during the third quarter, according to CoreLogic's Home Price Index (HPI) report.
Excluding distressed sales, home prices were up 1.1% in July.
Year over year, home prices were up 7.4%, including distressed sales. Excluding distressed sales, they were up 6.1%. July marked the 29th consecutive month that home prices increased on a year-over-year basis.
Still, home prices remain about 11.9% below their peak in April 2006, according to the report. Excluding distressed sales, home prices are about 8.3% below their peak.
It should be noted, however, that some states – such as Texas and New York – are already back at their pre-recession levels in terms of home prices, while other states, such as Nevada and Florida (-36.8% and -27.6%, respectively) are far below the peak seen in April 2006, the report shows.
Including distressed sales, states that saw the biggest gains in home prices, year over year, in July included Michigan (11.4%), Maine (10.6%), Nevada (10.6%), California (10.5%) and Hawaii (10.5%).
Excluding distressed sales, states that saw the biggest gains in home prices, year over year, included Massachusetts (11.2%), New York (9.7%), Maine (9.5%), Hawaii (9.2%) and Florida (8.8%).
To download the full report, click here.