Home Price Index Remained Flat in July

 

Courtesy of CoreLogic

The growing number of declining markets underscore weakness in the housing market without tax-credit support. CoreLogic released its Home Price Index (HPI) that showed that home prices in the U.S. remained flat in July as transaction volumes continue to decline.

This was the first time in five months that no year-over-year gains were reported. According to the CoreLogic HPI, national home prices, including distressed sales showed no change in July 2010 compared to July 2009.  June 2010 HPI showed a 2.4 percent year-over-year gain compared to June 2009. 

The top five states with the highest appreciation, including distressed sales, were: Maine (+4.5 percent), South Dakota (+4.3 percent), California (+3.7 percent), New York (+3 percent), and Virginia (+2.6 percent).

The top five states with the greatest depreciation, including distressed sales, were Idaho (-12.6 percent), Alabama (-9.7 percent), Utah (-5.6 percent), Oregon (-4.8 percent) and Washington (-4.3 percent). 

Excluding distressed sales, the top five states with the highest appreciation were: South Dakota (+5.1 percent), District of Columbia (+4.9 percent), New York (+3.4 percent), Mississippi (+2.8 percent), and California (+2.8 percent).

Excluding distressed sales, the top five states with the greatest depreciation were: Idaho (-9.9 percent), Michigan (-6.7 percent), Arizona (-5.6 percent), Nevada (-4.8 percent) and Oregon (-3.8 percent). According to the Home Price Index 36 states experienced price declines in July, twice the number in May and the highest number since last November when prices nationally were still declining.

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2010) is -27.7 percent. Excluding distressed properties, the peak-to-current change in the HPI for the same period is -19.5 percent.

– Courtesy of CoreLogic