U.S. home prices remained flat in July as transaction volumes continued to decline, CoreLogic reports in its latest Home Price Index (HPI). July was the first time in five months that no year-over-year gains were reported.
According to the CoreLogic HPI, national home prices, including distressed sales, showed no change in July 2010 compared to July 2009. The June 2010 HPI showed a 2.4% year-over-year gain compared to June 2009.
July's report shows that the top five states with the highest price appreciation, including distressed sales, were Maine (4.5%), South Dakota (4.3%), California (3.7%), New York (3%) and Virginia (2.6%).
Idaho prices fell by 12.6%, making it the state with the highest level of depreciation. Alabama, Utah, Oregon and Washington rounded out the top five states in terms of depreciation.
Thirty-six states experienced price declines in July – twice the number in May and the highest number since last November, when prices nationally were still declining, CoreLogic says.
‘Although home prices were flat nationally, the majority of states experienced price declines, and price declines are spreading across more geographies relative to a few months ago,’ says Mark Fleming, the company's chief economist.