Year-Over-Year Home-Price Growth Slips Below Double Digits for First Time Since Early 2013

CoreLogic reported that May 2014 national home prices increased 8.8% year over year, and increased 1.4% for the month. This marks the 27th consecutive month of year-over-year increases in the CoreLogic Home Price Index (HPI). Home prices were, nevertheless, still 13.5% below peak levels.

Excluding distressed sales, home prices increased 8.1% from May 2013, increased 1.2% since April, yet were down 9.3% from the April 2006 peak.

Year-over-year home prices were up in the District of Columbia and every state. Hawaii led the country with a 13.2-percent price increase from May 2013, followed closely by California with a 13.1-percent increase. Excluding distressed sales, 48 states saw a month-over-month rise in prices, with Michigan (+4.2%) and New York (+3.5%) showing the largest increases and Montana (-0.9%) and the District of Columbia (-0.6%) showing the largest decreases.

Ten states reached new highs in home prices in May 2014:

  1. Alaska
  2. Colorado
  3. Iowa
  4. Louisiana
  5. Nebraska
  6. New York
  7. North Dakota
  8. Oklahoma
  9. South Dakota
  10. Texas

Conversely, despite rapid appreciation, Nevada remained at 38.1% below its peak level from 2006, followed by Florida (-34.3%). Some of the states now growing the fastest also fell the farthest in the housing crisis.

More detail on CoreLogic's May 2014 Home Price Index