Home prices rose 5.9 percent year-over-year and 1.3 percent month-over-month in May, according to the CoreLogic Home Price Index report.
May was the 52nd consecutive month of annual HPI increases. Single-family home prices remained 7.2 percent below peak values reported in April 2006. Prices are expected to reach a new peak in September 2017, according to the report.
“Housing remained an oasis of stability in May with home prices rising year-over-year between 5 percent and 6 percent for 22 consecutive months,” said Frank Nothaft, CoreLogic chief economist, in a statement. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
The five states that registered the largest year-over-year gains in May were Oregon, 11 percent; Washington, 10.1 percent; Colorado, 9.4 percent; Nevada, 7.8 percent; Utah, 7.5 percent.
The states farthest from peak values in May were Nevada, 32.7 percent down; Florida, 24.3 percent down; Arizona, 23.9 percent down; Rhode Island, 22.4 percent down; and Maryland, 21.8 percent down.
Three states reported month-over-month home price depreciation: Connecticut, 0.9 percent; New Jersey, 0.2 percent; and Pennsylvania, 0.1 percent.
