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July Home Prices Fall Most in Massachusetts, Rise Most in Colorado

Home prices in the United States rose for the 40th consecutive month in June. Compared with June of 2014, home prices rose 6.5%, including the sales of distressed properties. The year-over-year May increase was 6.3%. Month over month, June home prices rose by 1.7% from May prices, which also had risen 1.7% over April prices.

There were four states that posted negative home price appreciation in June. Including sales of distressed properties, the four are Massachusetts (down 5.0%), Connecticut (down 0.6%), Louisiana (down 0.4%) and Mississippi (down 0.3%).

Including sales of distressed properties, the five states posting the largest year-over-year price increases in June were Colorado (up 9.8%), Washington (up 8.9%), New York (up 8.3%), South Carolina (up 8.0%) and Nevada (up 8.0%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (up 9.3%), New York (up 8.5%), Washington (up 8.3%), Oregon (up 8.2%) and Nevada (up 7.9%).

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (down 32.2%), Florida (down 28.7%), Rhode Island (down 26.5%), Arizona (down 25.8%) and Maryland (down 21.2%). The data were released Tuesday by research firm CoreLogic.

Peak home prices occurred in April 2006 and current prices remain 7.4% below that peak. Excluding distressed properties prices remain 4% below the peak.

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CoreLogic’s CEO said:

The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight. Pent up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix fueling a 6.5 percent jump in home prices through June with more increases likely to come.

CoreLogic has forecast that home prices will rise 0.6% month over month in July and rise by 4.5% between June 2015 and June 2016. Both projections include distressed sales.

By Paul Ausick