Home prices are on the rise in Grand Junction, according to the latest results of a monthly analysis by a California-based firm.
CoreLogic reported that home prices, including distressed sales, increased 7.6 percent in June and 6.2 percent in May compared to the same months last year. Excluding distressed sales, homes prices increased on a year-over-year basis by 9 percent in June and 8.9 percent in May.
CoreLogic provides a range of information and services to business and government clients.
In Colorado, the CoreLogic Home Price Index (HPI) advanced 6.2 percent in June over the same month last year, including distressed sales. Excluding distressed sales, home prices rose 5.4 percent.
Nationally, the HPI increased 2.5 percent in June 2012 compared to June 2011, including distressed sales. Excluding distressed sales, home prices nationwide rose 3.2 percent.
CoreLogic projected that home prices nationwide rose at least 2 percent in July 2012 over July 2011, including distressed sales.
“Home prices are responding positively to reductions in both visible and shadow inventory over the past year,” said Mark Fleming, chief economist for Core Logic. “This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.”
Anand Nallathambi, president and chief executive officer of CoreLogic, said that at the halfway point, 2012 appears to be the year in which the residential housing market improves. “While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012.”