August Home Prices Rise Most in Oregon, Washington, Colorado

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Home prices in the United States rose for the 55th consecutive month in August. Compared with August of 2015, home prices rose 6.2%, including the sales of distressed properties. The year-over-year July increase was 6%. Month over month, August home prices rose by 1.1% from July prices, which had also risen 1.1% over June prices.

Just one state posted negative home price changes in May: Connecticut, down 1.1%. Home prices reached new highs in 18 states: Arkansas, Colorado, Iowa, Indiana, Kentucky, Louisiana, Massachusetts, Montana, North Carolina, Nebraska, New York, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Utah and Washington.

The data were released Tuesday by CoreLogic in its Home Price Insights Report for August.

Including sales of distressed properties, the five states posting the largest year-over-year price increases in August were Oregon (up 10.3%), Washington (up 10.2%), Colorado (up 9.1%), Utah (up 7.7%) and South Dakota (up 7.7%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Oregon (up 9.8%), Washington (up 9.6%), Colorado (up 8.8%), West Virginia (up 8.1%) and South Dakota (up 7.6%).

The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (down 31.4%), Florida (down 22.9%), Arizona (down 22.4%), Maryland (down 19.3%) and Rhode Island (down 18.5%).

Peak home prices occurred in April 2006 and current prices remain 5.6% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in October 2017.

CoreLogic has forecast that home prices will rise 0.4% month over month in September and rise by 5.3% between August 2016 and August 2017. Both projections include distressed sales.

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