Johnson City MSA home price index up for 31st straight month in June


June’s Johnson City MSA All-Sales Home Price Index increased for the 31st straight month on the year-to-year metric. Prices also increased in the Kingsport-Bristol market, but that four-county market has seen its index dip into negative territory three times since December.

HPIAccording to CoreLogic’s June report the three-county Johnson City MSA all sales index increased by 3.3% in June compared with June 2014. It increased by 0.7% in June compared with May. The excluding distressed sales index was up 3.2% in June. On a month-over-month basis it decreased by 1.9%.

In Kingsport-Bristol-Bristol, home prices, including distressed sales, increased by 2% in June and 0.7% compared to May. Excluding distressed sales, year-over-year prices increased by 2.9 % in June 2015 and were up by 0.7% compared to May.

CoreLogic Home Price Index shows t home prices nationwide, including distressed sales, increased by 6.5 % in June 2015 compared with June 2014. This change represents 40 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.7 % in June 2015 compared with May 2015.

Excluding distressed sales, home prices increased by 6.4% in June 2015 compared with June 2014 and increased by 1.4 % month over month compared with May 2015.

The CoreLogic HPI Forecast indicates home prices, including distressed sales, are projected to increase by 0.6% month over month from June 2015 to July 2015 and by 4.5% on a year-over-year basis. Excluding distressed sales, home prices are projected to increase by 0.5% month over month from June 2015 to July 2015 and by 4.2% year over year from June 2015 to June 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. The forecast is not available on the MSA level.

“The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight,” said Anand Nallathambi, president and CEO of CoreLogic. “Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix fueling a 6.5 % jump in home prices through June with more increases likely to come.”

The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes. Company officials say this type index provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales.

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