Home prices rise for third consecutive month in May

Home prices rise for third consecutive month in May
Home prices nationwide, including distressed sales, increased 2 percent on a year-over-year basis in May 2012 compared with May 2011, according to CoreLogic’s May Home Price Index report. On a month-over-month basis, home prices, including distressed sales, also increased 1.8 percent in May 2012 compared with April 2012. The May 2012 figures mark the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis.

Excluding distressed sales, home prices nationwide increased 2.7 percent on a year-over-year basis in May 2012 compared with May 2011. On a month-over-month basis excluding distressed sales, the CoreLogic HPI indicates home prices increased 2.3 percent in May 2012 compared with April 2012, the fourth month-over-month increase in a row. Distressed sales include short sales and real estate owned (REO) transactions.