Home prices increase in Cedar Rapids, Iowa City, nation

Home prices increased in Cedar Rapids, Iowa City and the nation as a whole in June when compared with the same month of 2012.

Cedar Rapids home prices, including distressed sales, increased 2 percent in June compared with June 2012, according to CoreLogic, an Irvine, Calif., provider of residential property information and services. On a month-over-month basis, home prices increased by 1.6 percent in June when compared with May.

Distressed sales include short sales and real estate owned transactions.

Excluding distressed sales, year-over-year prices rose 2.3 percent in June compared with the same month of 2012. On a month-over-month basis, Cedar Rapids home prices increased by 1.2 percent in June compared with May.

Iowa City home prices, including distressed sales, increased by 2.4 percent in June compared with June 2012. On a month-over-month basis, home prices increased by 1.8 percent in June 2013 compared with May 2013.

Excluding distressed sales, Iowa City year-over-year home prices increased by 2.5 percent in June 2013 compared with  June 2012. On a month-over-month basis, excluding distressed sales, CoreLogic reported home prices increased by 1.6 percent in June 2013 compared to May 2013.

Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June compared with the same month last year. It marked the 16th consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June compared with May.

Excluding distressed sales, home prices increased by 11 percent on a year-over-year basis  in June compared with the same month of 2012.  On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013.

Anand Nallathambi, president and CEO of CoreLogic, said the residential real estate market is sending positive signals.

"The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth in July," Nallathambi said. "Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels."