Home prices are growing almost everywhere

The Denver metro area and the Pacific Northwest in general showed the healthiest growth in home prices, according to a report from CoreLogic.

Home prices nationwide, including distressed sales, increased year over year by 5.9% in May 2016 compared with May 2015 and increased month over month by 1.3%, according to the CoreLogic Home Price Index.

"Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way," said Anand Nallathambi, president and CEO of CoreLogic. "The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery."

The Denver-Auroro-Lakewood metro area of Colorado, led all markets with a 10.3% increase in the HPI.

Statewide, Oregon set the pace with an 11.0% year over year growth. Washington was up 10.1%.

Click here for the HPI growth of all 50 states.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3% on a year-over-year basis from May 2016 to May 2017, and on a month-over-month basis home prices are expected to increase 0.8% from May 2016 to June 2016.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

"Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months," said Dr. Frank Nothaft, chief economist for CoreLogic. "The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory."

Connecticut and Pennsylvania were the only two states to show year over year declines – respectively, -0.9% and -0.1%