Mortgage are ultra-low and it's the buying season, so there was a very small increase in price.
National home prices inched up for the second-straight month in May yet remained 7.4% lower than a year earlier, according to the CoreLogic (CLGX: 16.60 +0.12%) home price index.
The data analytics company said its HPI, which includes short sales and REO transaction, rose 0.8% last month. Excluding sales of distressed properties, home prices decreased 0.4% from the year-ago May.
"Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market," according to Mark Fleming, chief economist at CoreLogic.
Read the whole article but can prices increase as mortgage rates increase.