Home prices rising in the Corridor

Home prices in the Corridor rose in May, with Iowa City values increasing at a higher rate than in Cedar Rapids.

Data from CoreLogic of Irvine, Calif., shows Cedar Rapids home prices, including distressed sales, increased by 1 percent in May 2015 compared with May 2014. On a month-over-month basis, home prices, including distressed sales, edged up 0.1 percent in May 2015 compared with April 2015.

Excluding distressed sales, Cedar Rapids year-over-year home prices increased by 1.4 percent in May 2015 compared with May 2014. On a month-over-month basis, excluding distressed sales, home prices rose 0.3 percent in May 2015 compared with April 2015.

Iowa City home prices, including distressed sales, rose by 3.1 percent in May 2015 compared with May 2014. On a month-over-month basis, home prices, including distressed sales, increased by 0.9 percent in May 2015 compared with April 2015.

Excluding distressed sales, year-over-year prices increased by 3 percent in May 2015 compared with May 2014. On a month-over-month basis, excluding distressed sales, Iowa City home prices increased by 0.4 percent in May 2015 compared with April 2015.

Nationwide, home prices, including distressed sales, increased by 6.3 percent in May 2015 compared with May 2014. The change represents 39 months of consecutive year-over-year increases in home prices, according to CoreLogic.

On a month-over-month basis, home prices nationwide, including distressed sales, rose 1.7 percent in May 2015 compared with April 2015.

Frank Nothaft, chief economist for CoreLogic, in a news release attributed homebuying activity in May to 30-year fixed-rate mortgages remaining below 4 percent.

'Our homes-for-sale listing data shows that markets with high demand and limited supply are recording double-digit appreciation rates over the past year,” Nothaft said.