Springfield home prices move up in May

Real estate market tracker CoreLogic reports increased home prices in Springfield.

The Queen City’s home prices, including distressed sales - which factor in short sales and real estate-owned transactions - rose 1.6 percent during the month compared to May 2014. Excluding distressed sales, year-to-year prices moved up 2.1 percent, according to a news release.

Home sale prices statewide, including distressed sales, increased by 3.5 percent, and by 3 percent when excluding distressed sales.

Across the nation, home prices climbed 6.3 percent when including distressed sales, marking the 39th consecutive month of year-to-year increases. Excluding distressed sales, they also rose 6.3 percent from May 2014, according to the release.

“Higher home prices over the past couple of years have spurred increases in new single-family construction," said Anand Nallathambi, president and CEO of CoreLogic, in the release. "Sales of newly built homes during the first five months of 2015 were up 23 percent from a year ago, and as rising values build equity for homeowners, we expect to see more existing homes offered for sale in the coming year."