Home prices, including distressed sales, posted an 8.8 percent rise in May compared to year-ago levels, with 10 states soaring to new home-price highs, according to CoreLogic’s Home Price Index for May, released Tuesday.
- South Dakota
- North Dakota
- New York
When excluding distressed sales, all 50 states as well as the District of Columbia showed year-over-year home-price appreciation in May, according to CoreLogic’s report.
“Home prices are continuing to climb across most of the country which has both positive and negative implications for the housing market,” says Anand Nallathambi, president and CEO of CoreLogic. “While the rapid rise in prices over the past two years has lifted many home owners out of negative equity, it has also become a negative factor in buying decisions for prospective purchasers weighing affordability concerns. As we move ahead, a moderation in home-price increases over the next twelve months should help cool things down a bit and keep the housing recovery going.”