CoreLogic: April home prices up from March, previous year

Home prices increased for the second straight month in April, according to the latest CoreLogic Home Price Index, rising 2.6 percent excluding distressed sales. Longer-term progress was seen as well, with year-over-year prices up 1.9 percent from April 2011.

Prices with distressed sales included climbed as well, moving up by 2.2 percent. Distressed sales include short sales and real estate-owned (REO) transactions.

CoreLogic chief conomist Mark Fleming points to a declining supply of homes as the catalyst for continually rising prices; he says the current inventory is down to 6.5 months, a point not reached in more than five years.

Other highlights from the report:

• Including distressed sales, the five states with the highest appreciation were: Arizona (+8.8 percent), District of Columbia (6.4 percent), Florida (+5.5 percent), Montana (+5.4 percent), and Utah (+5.4 percent).
• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: Utah (+5.3 percent), Idaho (+5.1 percent), Mississippi (+4.7 percent), Louisiana (+4.6 percent) and Arizona (+4.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-10.1 percent), Rhode Island (-6.2 percent), Alabama (-4.4 percent), Vermont (-2.8 percent) and Connecticut (-2.3 percent).