July 1, 2014
According to CoreLogic, home prices in the City of Charlottesville declined by 0.2 percent in May of this year compared to this same time last year. On a month-over-month basis, home prices increased by 1.1 percent in May 2014 compared to April 2014.
CoreLogic reports that national home prices increased by 8.8 percent in May 2014 compared to May 2013, making this the 27th month in a row that national home prices have gone up year over year. On a month-over-month basis, national home prices increased by 1.4 percent from April to May 2014.
Including distressed sales, the five states with the highest home price appreciation were: Hawaii (+13.2 percent), California (+13.1 percent), Nevada (+12.6 percent), Michigan (+11.8 percent) and New York (+11.0 percent).
CoreLogic Chief Economist Mark Fleming says the pace at which home prices have been rising is cooling off quickly as the weather warms up. This is in part due to less-than-expected demand in the market.