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Home Prices Rise Most in South Carolina, Drop Most in Massachusetts

Paul Ausick

Home prices in the United States rose for the 39th consecutive month in May. Compared with May of 2014, home prices rose 6.3%, including the sales of distressed properties. The year-over-year April increase was 6.8%. Month over month, May home prices rose by 1.7% from April prices, which had risen 2.7% over March prices.

Five states posted negative home price appreciation in May. Including sales of distressed properties, they are Massachusetts (down 4.8%), Connecticut (down 1.8), Maryland (down 1.5%), Mississippi (down 1.4%) and Louisiana (down 0.8%).

Including sales of distressed properties, the five states posting the largest year-over-year price increases in May were South Carolina (up 10.3%), Colorado (up 9.8%), Washington (up 8.8%), Florida (up 8.7%) and Nevada (up 8.3%).

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Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were South Carolina (up 9.6%), Colorado (up 9.2%), Florida (up 8.9%), Washington (up 8.5%) and Oregon (up 7.9%).

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (down 32.9%), Florida (down 28.8%), Rhode Island (down 27.5%), Arizona (down 26.0%) and Maryland (down 23.1%). The data were released Tuesday by research firm CoreLogic.

Peak home prices occurred in April 2006 and current prices remain 8.4% below that peak. Excluding distressed properties, prices remain 4.7% below the peak.

CoreLogic’s CEO said:

The rate of home price appreciation ticked up in May with gains being fairly widely distributed across the country. Importantly, higher home prices over the past couple of years have spurred increases in new single-family construction. Sales of newly built homes during the first five months of 2015 were up 23 percent from a year ago, and as rising values build equity for homeowners, we expect to see more existing homes offered for sale in the coming year.

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CoreLogic has forecast that home prices will rise 0.9% month over month in June and rise by 5.1% between May 2015 and May 2016. Both projections include distressed sales.

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