US Home Prices Up in May for Second Consecutive Month

Hours after the National Association of Realtors announced an 8.2 percent jump in May prices, CoreLogic confirmed its May numbers show a second consecutive month-over-month increase.

According to the CoreLogic Home Price Index, national home prices, including distressed sales, increased by 0.8 percent in May 2011 compared to April 2011. On a year-over-year basis, home prices declined by 7.4 percent in May 2011 compared to May 2010 after declining by 6.7 percent* in April 2011 compared to April 2010. Excluding distressed sales, year-over-year prices declined by 0.4 percent in May 2011 compared to May 2010 and by 0.8* percent in April 2011 compared to April 2010. Distressed sales include short sales and real estate owned (REO) transactions.

“Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market. Slowly declining shadow inventory and stabilized negative equity levels are also positive signs. Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market,” said Mark Fleming, chief economist for CoreLogic.

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