July Home Price Index Posts Fourth Consecutive Monthly Increase in U.S., Non-Distressed Prices Stabilizing

---

Based on CoreLogic's July Home Price Index (HPI), home prices in the U.S. increased for the fourth consecutive month, inching up 0.8 percent on a month-over-month basis.
 
On a year-over-year basis, however, national home prices, including distressed sales, declined by 5.2 percent in July 2011 compared to July 2010. In June 2011, prices declined by 6.0 percent compared to June 2010. Excluding distressed sales, year-over-year prices declined by 0.6 percent in July 2011 compared to July 2010 and by 1.9 percent in June 2011 compared to June 2010.  Distressed sales include short sales and real estate-owned (REO) transactions.   

"While July's numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer. At that point, the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices," said Mark Fleming, chief economist for CoreLogic.

Highlights as of July 2011

• Including distressed sales, the five states with the highest appreciation were:  West Virginia (+14.0 percent), New York (+3.3 percent), Wyoming (+3.2 percent), Mississippi (+2.4 percent), and the District of Columbia (+2.3 percent).

• Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.2 percent), Arizona (-11.9 percent), Illinois (-10.0 percent) Minnesota (-8.6 percent), and Idaho (-7.8 percent).

• Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+16.8 percent), South Carolina (+5.5 percent), New York (+4.1 percent), Wyoming (+3.8 percent), and North Dakota (+3.6 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.6 percent), Arizona (-8.1 percent), Delaware (-6.5 percent), Minnesota (-5.7 percent), and Michigan (-4.7 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2011) was -30.5 percent.  Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.7 percent.

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 86 are showing year-over-year declines in July, two fewer than in June.

---