Home prices increased 7.5 percent in June 2014 compared with June 2013, according to the CoreLogic Home Price Index report (available here).
Despite the modest gain, home prices are still 12.9 percent their peak, which was reached in April 2006. June's increase was also lower than May's, which saw an 8.8 percent increase. Month over month, June's prices were a 1.0 percent increase from May's.
"The pace of home price appreciation is cooling off quickly as the weather warms up," said Mark Fleming, chief economist for CoreLogic, in the report. "The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations."
CoreLogic forecasts that July's month-over-month increase will be around 0.7 percent.
Excluding distressed sales, 28 states and the District of Columbia are at or within 10 percent of their peak.
