CoreLogic released its July Home Price Index (HPI) which shows that home prices in the U.S. increased for the fourth consecutive month, inching up 0.8% on a month-over-month basis.
Home prices were:
- Up 0.8% in July
- Down 5.2% over the last year
- Off 30.6% from the peak
- Up 5.5% from the March 2011 low.
On a year-over-year basis national home prices, including distressed sales, declined by 5.2 % in July 2011 compared to July 2010. In June 2011, prices declined by 6.0% compared to June 2010.
As Mark Fleming, chief economist for CoreLogic, noted, some of this increase is seasonal. Month-to-month prices will probably turn negative later this year (the normal seasonal pattern).
Calculated Risk, August 31, 2011