Dive Brief:
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Home prices rose by 1.7% between April and May and by 6.3% since May 2014, marking the 39th consecutive month of year-over-year price gains, according to CoreLogic's May Home Price Index.
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Home prices in 33 states and Washington, DC, were within 10% of their peak in May, and 10 states and DC reached their highest peaks since the Home Price Index began in 1976. The 10 leaders were: Alaska, Colorado, Iowa, Nebraska, New York, North Carolina, Oklahoma, Tennessee, Texas and Vermont.
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CoreLogic has forecast that June numbers will show another one-month home-sales increase — of 0.9% — and a year-over-year spike of 5.1%.
Dive Insight:
High demand and a limited supply of homes translate into higher prices, especially in housing-starved cities like San Francisco, where home values appreciated in the double digits over the past year.
Fueling demand are continued low interest rates, CoreLogic Chief Economist Frank Nothaft said.
