According to the May 2012 Home Price Index (HPI) report from CoreLogic, home prices nationwide – including distressed sales – increased on a year-over-year basis by 2% compared to May 2011. On a month-over-month basis, prices also increased by 1.8%.
CoreLogic says the latest figures represent the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis. CoreLogic pending HPI indicates that prices will likely rise by at least another 1.4% from May to June.
‘The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle,’ says Anand Nallathambi, president and CEO of CoreLogic. ‘Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix.’
Including distressed sales, the five states with the highest appreciation were Arizona, Idaho, South Dakota, Montana and Michigan. The five states with the greatest depreciation were Delaware, Rhode Island, Illinois, Alabama and Georgia.