CoreLogic last week released its June home price index (HPI) numbers. The year-over-year change in June was 9.2 percent. June marks the sixth month in a row during which the year-over-year change in the HPI was above or near 10 percent. The national home price was again pulled upward by big home price growth in California, Arizona, and Nevada. Nationally, the index grew 11.9 percent from June 2012 to June 2013. Housing prices continue to increase at some of the largest rates seen since before the financial crisis.
14 states had larger growth rates in the HPI than Colorado, with the highest growth rates being in Nevada, California, and Arizona. Nevada's HPI grew 26.5 percent year over year, and California's and Arizona 'a HPIs grew 21.4 percent and 16.2 percent respectively. Only two states showed declines in their HPIs over the same period with the declines being in Delaware and Mississippi where the HPI declined 1.1 percent and 2.1 percent, respectively.
Although interest rates started to tick upward this summer, the interest rate increases have yet to force much change in the home price numbers.