Home prices nationwide, including distressed sales, increased 7.4% in July 2014 compared to July 2013, according to the July report from CoreLogic (CLGX) – a significant slowdown that continues the long-term trend and a 21-month low.
This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2% in July 2014 compared to June 2014.
Having all-but stalled during the previous three months, the CoreLogic measure of house prices posted a decent gain in July,” said Paul Diggle, property economist with Capital Economics. “But this is probably no more than a temporary reprieve, and we expect house price growth to continue slowing over the remainder of the year.”
At the state level, including distressed sales, only Arkansas posted a decline in July 2014 with 0.9-percent depreciation. A total of 11 states, plus the District of Columbia, reached new highs in the HPI dating back to January 1976 when the index started. These states are Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.