April home prices rise in Corridor, U.S.

Corridor home prices increased in April when compared with the same month in 2013, according to CoreLogic of Irvine, Calif.

In Cedar Rapids, home prices, including distressed sales, increased by 2.8 percent in April compared with April 2013. On a month-over-month basis, home prices decreased by 0.5 percent in April 2014 compared with March 2014.

Excluding distressed sales, Cedar Rapids year-over-year home prices increased by 3.9 percent in April 2014 compared with the same month in 2013. On a month-over-month basis, home prices inched up 0.3 percent in April 2014 compared with March 2014.

Home prices in Iowa City, including distressed sales, increased by 3 percent in April 2014 compared with April 2013. On a month-over-month basis, home prices increased by 1.5 percent in April 2014 compared with March 2014.

Excluding distressed sales, Iowa City year-over-year home prices increased by 2.5 percent in April 2014 compared with April 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 2 percent in April 2014 compared with the month before.

Nationwide, home prices - including distressed sales - increased 10.5 percent in April 2014 compared with the same month of last year. On a month-over-month basis, prices nationwide increased 2.1 percent in April 2014 compared with March 2014.

Excluding distressed sales, home prices nationally rose 8.3 percent in April 2014 compared with April 2013 and 1.1 percent month-over-month compared with March 2014.

Distressed sales include short sales and real estate owned transactions.

Anand Nallathambi, president and CEO of CoreLogic, said home prices are expected to continue to rise this summer.

'The purchase market continues to suffer from a dearth of inventory, which we expect will continue to drive prices up over the year,” Nallathambi said.