Pent-up demand and a strengthening labor market helped boost home prices across the United States by 6.5% in June compared with the same month a year ago, according to CoreLogic's Home Price Index released Tuesday. The change represents 40 months of consecutive year-over-year increases, with 15 states, including New York and Texas, and the District of Columbia reaching new peaks. Excluding distressed sales, which include short sales and real estate-owned transactions, only Massachusetts and Louisiana showed yearly depreciation in June. "The stronger appreciation was registered in cities with limited inventory and strong homebuyer activity, such as San Jose and Denver," said Frank Nothaft, chief economist for property information provider CoreLogic, in a news release. The California-based firm forecasts that home prices, including distressed sales, are expected to increase 4.5% year over year by June 2016. Excluding distressed sales, home prices are projected to grow by 4.2%.
U.S. Home Prices Rise 6.5%
CoreLogic's Home Price Index shows 40 months of consecutive year-over-year increases
Including distressed sales, the five states with the highest home price appreciation were Colorado, Washington, New York, South Carolina and Nevada.
Getty ImagesIncluding distressed sales, the five states with the highest home price appreciation were Colorado, Washington, New York, South Carolina and Nevada.
Getty Images