Overall home prices in Casper increased by 14.2 percent in May compared to a year ago, according to a report issued by a national provider of information, analytics and business services.
The increase was higher than the 9.5 percent year-over-year increase in April, CoreLogic reported.
When distressed sales are excluded, year-over-year prices increased by 7.4 percent in May compared to May 2011 and increased by 2.2 percent in April compared to April 2011. Preliminary numbers for April had shown a year-over-year price decline of 1.3 percent when distressed sales were excluded.
Distressed sales include short sales and real-estate-owned transactions.
In the state, home prices including distressed sales rose 7.1 percent in May compared to the same period a year ago, CoreLogic reported. When distressed sales are not included, prices increased 6.6 percent.
The latter figure meant home prices in Wyoming appreciated more than in all but four other states — Montana (+9.1 percent), South Dakota (+8.5 percent), Arizona (+7.3 percent) and Idaho (+6.6 percent).
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Home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.0 percent in May compared to May 2011. On a month-over-month basis, home prices, including distressed sales, also increased by 1.8 percent in May compared to April.
The May 2012 figures mark the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis.
Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 2.7 percent in May compared to May 2011. On a month-over-month basis excluding distressed sales, CoreLogic said home prices increased 2.3 percent in May 2012 compared to April 2012, the fourth month-over-month increase in a row.
The CoreLogic Pending Home Price Index indicates that house prices, including distressed sales, will rise by at least another 1.4 percent from May 2012 to June 2012. Excluding distressed sales, house prices are also poised to rise by 2.0 percent during that same time period.
“The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets.”
“Home price appreciation in the lower-priced segment of the market is rebounding more quickly than in the upper end,” said Mark Fleming, chief economist for CoreLogic. “Home prices below 75 percent of the national median increased 5.7 percent from a year ago, compared to only a 1.8 percent increase for prices 125 percent or more of the median.”