US Home Prices Moving Higher

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New data is expected to show a 12.3 percent year-over-year increase in U.S. home prices in August, CoreLogic reports.

In July, nationwide home prices, including distressed sales, increased 12.4 percent from last year while increasing 1.8 percent on a monthly basis, according to the CoreLogic Home Price Index. This represents the 17th consecutive month of yearly nationwide home price increases. 

Home prices in August, including distressed sales, are expected to increase 0.4 percent on a month-to-month basis. Excluding distressed sales, U.S. home prices in August are predicted to be 12.2 percent above the previous year. 

Although prices are rising, market conditions will hinder the rate of increases going forward, CoreLogic reports. 

"Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand," Mark Fleming, chief economist for CoreLogic, said in the release.

Last week, the S&P/Case-Shiller National Home Price Index showed an increase in U.S. home prices for June but with a slowing pace. 

"Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way," Anand Nallathambi, chief executive of CoreLogic, said in the release. "Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006."

Las Vegas, one of the markets hardest hit by the downturn, has led the nation with home price increases.

Highlights as of July 2013:

• Including distressed sales, the five states with the highest home price appreciation were: Nevada (+27 percent), California (+23.2 percent), Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).

• Including distressed sales, this month only one state posted home price depreciation: Delaware (-1.3 percent).

• Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+24.2 percent), California (+20.2 percent), Arizona (+14.9 percent), Utah (+13.5 percent) and Florida (+13.5 percent).

• Excluding distressed sales, no states posted home price depreciation in July.

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2013) was -17.6 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.9 percent.

• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-43 percent), Florida (-37.4 percent), Arizona (-32.5 percent), Rhode Island (-29.7 percent) and Michigan (-27.7 percent).

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in July, equaling the measure in June 2013.