Only two states posted negative home price appreciation in July. Including sales of distressed properties, they are Massachusetts (2.1%) and Mississippi (0.2%).
The data were released Tuesday by CoreLogic in its Home Price Index report for July.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in July were Colorado (10.4%), Washington (9.9%), Nevada (9.1%), Hawaii (8.9%) and Oregon (8.8%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (10.1%), Washington (9.5%), Nevada (9.1%), Oregon (9.1%) and New York (up 9.0%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (30.6%), Florida (28.1%), Arizona (25.1%), Rhode Island (24.2%) and Maryland (20.2%).
Peak home prices occurred in April 2006, and current prices remain 6.6% below that peak. Excluding distressed properties prices remain 3.5% below the peak.
CoreLogic’s CEO said:
Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late. Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever-rising rental costs.
CoreLogic has forecast that home prices will rise 0.5% month over month in August and rise by 4.7% between July 2015 and July 2016. Both projections include distressed sales.
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