Home prices registered an average year-over-year gain of 5.9% in May, according to CoreLogic's Home Price Index.
Prices in May also rose 1.3% when compared to April, slightly exceeding CoreLogic's earlier forecast
Year-over-year, home prices have increased between 5% and 6% for 22 consecutive months, according to CoreLogic chief economist Frank Nothaft.
"The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory," Nothaft said in a news release.
Oregon and Washington in May continued to register the highest year-over-year home price gains at 11% and 10%, respectively.
The only states that experienced year-to-year depreciation during the month were Connecticut at 0.9%, New Jersey at 0.2% and Pennsylvania at 0.1%.
The company is forecasting an overall 0.8% home price increase for the United States in June compared to May, and a 5.3% year-over-year U.S. home price gain in May 2017.
"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," said Anand Nallathambi, president and CEO of CoreLogic.
