Home Prices Up 11.9% in June, More Double-Digit Gains Expected

""CoreLogic's"":http://www.corelogic.com/ Home Price Index (HPI) jumped 11.9 percent year-over-year in June, the company reported Tuesday.

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June's data falls short of the 13.2 percent growth projected in CoreLogic's Pending HPI for June. Month-over-month, June's index was up 1.9 percent from May, a full percentage point short of predictions (partially explained by a revision in May data).

Out of all states, the five with the highest home price appreciation were Nevada (26.5 percent), California (21.4 percent), Wyoming (16.7 percent), Arizona (16.2 percent), and Georgia (14.3 percent). Only two states [COLUMN_BREAK]

posted price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).

Excluding distressed sales, home prices increased in June by 11 percent on a yearly basis and 1.8 percent on a monthly basis. On that list, Nevada (23.6 percent), California (18.7 percent), Arizona (14.1 percent), Utah (13.8 percent), and Florida (12.7 percent) made up the top five states in terms of yearly appreciation. No states experienced yearly depreciation when distressed sales were excluded.

Looking ahead, the Pending HPI for July indicates home prices (including distressed sales) are expected to rise 12.5 percent on a year-over-year basis and 1.8 percent on a month-over-month basis. Excluding distressed sales, July home prices are poised to rise 11.4 percent over July 2012 and 1.3 percent over June.

""The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,"" said Anand Nallathambi, president and CEO of CoreLogic. ""Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.""