U.S. home prices increased 11.9 percent in June from a year earlier, a product of stronger demand and tighter supplies of homes for sale, a home sales data firm said Tuesday.
CoreLogic, a real estate data provider in Irvine, Calif., said the sales increase marked the 16th consecutive month that home prices have risen. The figures include sales of distressed homes, that is, properties in some stage of foreclosure.
Excluding sales of distressed homes, prices increased 11 percent in June compared to the same period a year earlier, CoreLogic said.
In Toledo, home prices that included distressed sales increased by 4.8 percent in June, compared to June, 2012, the data firm said. On a month-over-month basis, home prices including distressed sales increased 1.9 percent in June compared to May, 2013.
Excluding distressed sales, year-over-year prices in Toledo rose by just 0.3 percent in June compared to a year earlier, CoreLogic said, indicating that distressed sales are still a large part of local home sales. CoreLogic said home prices in Toledo increased by 0.5 percent in June compared a month earlier.
The data firm said that home prices climbed on annual basis in 48 states. They fell only in Mississippi and Delaware, and all but one of the 100 largest cities reported price gains.
In Ohio, home prices that included distressed sales increased 3.3 percent in June compared to a year earlier. Excluding distressed sales, home prices rose 5.6 percent statewide, CoreLogic said.
Nevada led all states with an annual gain of 26.5 percent. It was followed by California at 21.4 percent; Wyoming, 16.7 percent; Arizona, 16.2 percent, and Georgia, 14.3 percent.
“This trend in home price gains is moving at the fastest pace since 1977,” said Mark Fleming, CoreLogic’s chief economist.
Excluding “distressed” sales, which include foreclosures and short sales, no states posted home price declines last month, CoreLogic said. A short sale is when a home sells for less than what is owed on the mortgage.