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Home prices are up 12.2 percent for the year

A new report has unveiled the 15th consecutive month of improving home prices, and it looks like the trend will continue this year, great news for homeowners and real estate professionals.

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Home prices continue to improve

As they have for most of 2013, home prices are on the mend, which is news homeowners have been waiting for since the housing crash began. According to CoreLogic, home prices (including distressed sales) rose 2.6 percent for the month, and 12.2 percent year over year in May, representing the largest annual increase since February 2006, marking the 15th consecutive month of home price increases.

“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Dr. Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”

The future continues to look bright, as CoreLogic is projecting that home prices will grow another 13.2 percent year over year in June, including distressed sales, and 2.9 percent for the month.

“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”

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Regional performance varied

Nevada, California, Arizona, Hawaii, and Oregon had the highest appreciation levels, including distressed sales, but when distressed sales are excluded, Hawaii is replaced by Idaho on the list.

Including distressed sales, Delaware and Alabama saw depreciation in May, but when excluding distressed sales, no states posted depreciation.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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