Home prices increased for the second straight month in April, according to the latest CoreLogic Home Price Index, rising 2.6 percent excluding distressed sales. Longer-term progress was seen as well, with year-over-year prices up 1.9 percent from April 2011.
Prices with distressed sales included climbed as well, moving up by 2.2 percent. Distressed sales include short sales and real estate-owned (REO) transactions.
CoreLogic chief conomist Mark Fleming points to a declining supply of homes as the catalyst for continually rising prices; he says the current inventory is down to 6.5 months, a point not reached in more than five years.
Other highlights from the report:
• Including distressed sales, the five states with the highest appreciation were: Arizona (+8.8 percent), District of Columbia (6.4 percent), Florida (+5.5 percent), Montana (+5.4 percent), and Utah (+5.4 percent).
• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: Utah (+5.3 percent), Idaho (+5.1 percent), Mississippi (+4.7 percent), Louisiana (+4.6 percent) and Arizona (+4.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-10.1 percent), Rhode Island (-6.2 percent), Alabama (-4.4 percent), Vermont (-2.8 percent) and Connecticut (-2.3 percent).
PB Topical Ref
