Home prices rise in Corridor, U.S.

CEDAR RAPIDS - Home prices rose in July in Cedar Rapids, Iowa City and the state of Iowa as the housing market continues to recover.

Data provider CoreLogic of Irvine, Calif., reported that Cedar Rapids home prices, including distressed sales, increased 1.5 percent in July 2014 compared with July 2013. On a month-over-month basis, home prices increased 0.5 percent in July 2014 compared with June 2014.

Excluding distressed sales, year-over-year prices in Cedar Rapids climbed 2.1 percent and month-over-month sales increased by 0.8 percent.

At the southern end of the Corridor in Iowa City, home prices, including distressed sales, rose 3.1 percent in July 2014 compared with the same month last year and inched up 0.5 percent on a month-over-month basis.

Excluding distressed sales, year-over-year prices in Iowa City increased by 3 percent in July 2014. Home prices, excluding distressed sales, edged up 0.7 percent from June 2014 to July 2014.

Iowa home prices, including distressed sales, increased 2.4 percent in July 2014 compared with July 2013. Excluding distressed sales, year-over-year prices in Iowa climbed 2.4 percent.

Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared with the same month last year. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared with June 2014.

Excluding distressed sales, home prices nationally increased 6.8 percent in July 2014 compared with July 2013 and 1.1 percent month over month compared with June 2014.

Iowa was one of 11 states that reached new highs in CoreLogic's home price index, which dates back to January 1976.

'Home prices continued to march higher across much of the U.S. in July,” said Anand Nallathambi, president and CEO of CoreLogic. 'Most states are reaching price levels not seen since the boom year of 2006.”