Home prices remain volatile, with moderate declines expected as the economy remains weak through the fall, loan data aggregator CoreLogic said in releasing results of a home-price index that showed prices were up 1.4 percent in June compared to a year ago.

It was the fifth consecutive month in which national home prices registered a year-over-year increase, but not nearly as impressive as the 3.7 percent gain seen in June.

The June percentage-point "deceleration" from May is "very large by historical standards," and one indication that the "stabilization phase and policy intervention since the spring of 2009 has run its course," said Mark Fleming, chief economist for CoreLogic, in a press release.

The CoreLogic home-price index was down 28 percent from its April 2006 peak.

The top four states with the highest annual appreciation in June were South Dakota (6.9 percent), Maine (6.4 percent), California (5.9 percent), and Virginia (4.7 percent), with Washington, D.C., ranking fifth (4.3 percent).

The top five states with the greatest annual depreciation in June were Idaho (-9.1 percent), Alabama (-3.8 percent), Oregon (-3.5 percent), Washington (-3.4 percent) and New Mexico (-3.2 percent).

Prices were steady or up from a year ago in eight of the nation’s 10 largest metro markets: Riverside-San Bernardino-Ontario, Calif. (8 percent); Washington-Arlington-Alexandria, Va.-Md.-W.Va. (4.9 percent); Los Angeles-Long Beach-Glendale, Calif. (4.6 percent); Atlanta-Sandy Springs-Marietta, Ga. (3.9 percent); Houston-Sugar Land-Baytown, Texas (3.7 percent); N.Y.-White Plains-Wayne, N.Y.-N.J. (1.8 percent); Dallas-Plano-Irving, Texas (0.5 percent); and Phoenix-Mesa-Glendale, Ariz. (0.1 percent).

Among the 10 largest metros, the two that registered declines were Philadelphia (-2.2 percent) and Chicago-Joliet-Naperville, Ill. (-1.3 percent).

A separate report from Altos Research showed increases in housing inventory from June to July in 22 of 26 metro markets tracked, with the largest increases in Washington, D.C. (5.67 percent); Phoenix (5.07 percent); Los Angeles (4.87 percent); Portland (4.82 percent); and San Francisco (4.69 percent).

According to the Altos Research Real-Time Housing Report, metros showing inventory declines from June to July were Charlotte, N.C. (-3.32 percent), Minneapolis (-3.06 percent), Boston (-0.77 percent) and Salt Lake City (-0.77 percent).

Altos Research said its 10-city composite showed a 0.63 percent price decline from June to July, which, together with rising inventory, signaled "continued home-price pressure in August and into the fall of 2010."

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription