CoreLogic: Home Prices Up 0.8 Percent in May

Without season-adjustments, CoreLogic reports that the national median home price rose 0.8% from April to May, 2011.

From CoreLogic:

SANTA ANA, Calif., June 30, 2011—CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its May Home Price Index (HPI) which shows that home prices in the U.S. increased on a month-over-month basis.  According to the CoreLogic HPI, national home prices, including distressed sales, increased by 0.8 percent in May 2011 compared to April 2011, the second consecutive month-over-month increase.  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 2010and 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.