Home prices across the United States spiked 6.5% year-over-year in June 2015, including distressed sales, according to proprietary analytics provider CoreLogic.
On a month-to-month basis, U.S. home prices, including distressed sales, rose by 1.7% in June, the Irvine, Calif.-based company said in its monthly Home Price Index released August 4. Excluding distressed sales, the annual and monthly figure stands at 6.4% and 1.4% respectively.
"The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight," said Anand Nallathambi, president and chief executive of CoreLogic, in a news release. "Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix" that fueled the June price increase, he said.
At the state level, 35 states and the District of Columbia ended June at or within 10% of their peak prices, while 15 states reached new highs. Colorado had the highest home price appreciation, including distressed sales, at 9.8%, following by Washington, New York, South Carolina and Nevada. Additionally, only Massachusetts, Connecticut, Louisiana and Mississippi experienced price depreciation for the month.
Looking ahead, CoreLogic forecast continued price appreciation, with home price rising 0.6% month-over-month in July 2015 and 4.5% year-over-year in June 2016.
