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According to CoreLogic's most recent Home Price Index report, property costs nationwide continued to appreciate during July, with New York experiencing significant growth.
Overall, home prices across the country increased 0.8 percent from June, representing the fourth-straight month of month-over-month gains. Compared to the previous year, however, prices, which include distressed property sales, were down 5.2 percent. This decline follows a similar trend set in June, when prices declined 6 percent on a yearly basis.
Including distressed sales, West Virginia experienced the greatest increase during the month, as prices of homes for sale grew 14 percent. New York followed with a 3.3-percent gain. Excluding distressed properties, West Virginia and New York were still among the top markets in terms of appreciation, with prices growing 16.8 percent and 4.1 percent, respectively.
Excluding distressed sales, July's home prices were only down 0.6 percent from the previous year, while June recorded a 1.9 percent decrease from June 2010.
"While July's numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer," said CoreLogic chief economist Mark Fleming. "At that point, the month-over-month growth will most likely turn negative."
Nevada has continued to experience tough economic times, as more properties became distressed. During July, Nevada's home prices, including distressed properties, fell 12.2 percent, which is tops among all states.
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