CoreLogic’s national overview of home price appreciation in May indicated that, including distressed sales, home prices rose 6.3% compared to May 2014 and were 1.7% higher than in April. Marking the 39th-consecutive “month of year-over-year home price gains,” CoreLogic attributed May’s home price increases to 30-year mortgage interest rates remaining below 4% throughout the month. Home price appreciation in June is forecasted to increase 0.9% month-over-month.
Also including distressed sales, CoreLogic’s state-level data showed that Idaho (+4.73%), Montana (+5.65%), Washington (+8.8%) and Wyoming (+3.24%) all had year-over-year increases in home price appreciation.
Anand Nallathambi, CoreLogic’s President and CEO, stated, “The rate of home price appreciation ticked up in May with gains being fairly widely distributed across the country. Importantly, higher home prices over the past couple of years have spurred increases in new single-family construction. Sales of newly built homes during the first five months of 2015 were up 23 percent from a year ago, and as rising values build equity for homeowners, we expect to see more existing homes offered for sale in the coming year.” Read the full report at http://bit.ly/1HOz6C7.