CoreLogic, a leading residential property information, analytics and services provider, released its May CoreLogic Home Price Index report this week. Home prices nationwide have increased over 12% in the last 12 months. This is the biggest 12 month increase since February 2006. May also represents the 15 consecutive month that the nation has seen home values increase. The last 30 days alone have seen home values increase more than 2.5%.
Corelogic also predicts that next month the country will see home prices further increase to over 13% for the previous 12 months with a single month gain of close to 3%.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Dr. Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”
“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”