Us house prices up for 40 months in a row

Denver, Colorado Photo: JeffreyTurner

US house prices have now risen for the past 40 months in a row, as the country's market continues to recover.

Property values (including distressed sales) increased 6.5 per cent year over year in June 2015, according to CoreLogic. Only four states had year-over-over price depreciation in June 2015, and 15 states and the District of Columbia reached new highs. Excluding distressed sales, only two states showed a year-over-year decline, with Massachusetts falling 1.5 per cent and Louisiana falling 0.1 per cent from June 2014.

Colorado led the way with an annual growth of 9.8 per cent, followed by New York (8.3 per cent), Texas (6.9 per cent), South Dakota (6.7 per cent) and North Dakota (6.4 per cent).

Overall, though, the market has still some way to go until it returns to pre-crisis levels: including distressed sales, prices were still 7.4 per cent below the April 2006 peak, and excluding distressed sales prices were 4 per cent below this peak. The low price tier, however, is 5.5 percent above its pre-crisis peak.

Nevada home prices were the farthest below their all-time high, still 32.2 per cent lower than the state’s March 2006 peak.