Report: Home prices up nationally, regionally, locally

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HomeCalifornia-based property information company CoreLogic reported Tuesday that home prices increased nationally by 8.8 percent in May since the same time last year.

Colorado Springs also saw an year-over-year increase of 5.2 percent in May, according the company’s May CoreLogic Home Price Index report. That rate also increased from April 2014 by 1.7 percent.

As a whole, Colorado’s home prices increased 8.6 percent between May 2013 and May 2014, placing the state just ahead of South Carolina (8.4 percent) and behind Minnesota (8.7 percent).

This increase brings Colorado — along with Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota Texas and New York — to record home prices highs, according to the report.

Nationally, May marks the 27th consecutive month that home prices have risen year over year, according to the report. Month-to-month prices increased by an average of 1.4 percent during the month of May compared to April 2014.

CoreLogic forecasts that national home prices will increase another 6 percent from May 2014 to May 2015, the report stated.

“The pace of home price appreciation is cooling off quickly as the weather warms up,” Mark Fleming, chief economist for CoreLogic, said in the report. “May’s 8.8 percent year-over-year growth rate is down almost three percentage points from just three months ago. The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations.”