National home prices rose in June from the same time in 2009, marking the fifth consecutive month of year-over-year increases, according to the latest report from real estate services and data provider CoreLogic (CLGX).
National prices, including distressed sales, rose by 1.4% in June from a year earlier. The yearly appreciation slowed from the 3.7% increase in May from one year earlier. The May increase was revised up from the initial 2.9% estimate.
“Home price volatility and collateral risk remain very high,” said CoreLogic chief economist Mark Fleming. “The stabilization phase and policy intervention since the spring of 2009 has run its course. Prices are expected to further moderately decline as the economy remains weak through the fall.”
CoreLogic called the 2.3 percentage point deceleration from May “very large by historical standards,” with deceleration most pronounced in more expensive and distressed housing markets.
Excluding distressed sales, prices rose 0.2% in June from one year earlier.
Write to Diana Golobay.
Disclosure: the author holds no relevant investments.
