CoreLogic today released its May home price index (HPI) numbers. After surging to over 12 percent during April, the year-over-year change in May was 9.4 percent. May marks the fifth month in a row during which the year-over-year chang ein the HPI was above or near 10 percent. The national home price was propelled upward by big home price growth in California, Arizona, and Nevada. Nationally, the index grew 12.2 percent from May 2012 to May 2013. Housing prices continue to increase at some of the largest rates seen since before the financial crisis.
15 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 26.0 percent year over year, and California's and Arizona 'a HPIs grew 20.2 percent and 16.9 percent respectively. Only two states showed declines in their HPIs over the same period with the declines being in Delaware and Alabama where the HPI declined 0.6 percent and 0.1 percent respectively.
Propelled by record-low mortgage rates and small amounts of new home sales, and limited inventory, home sales continue to head up with home prices following suit.