The only area with price declines in the recent report was the Midwest, but that area's declines were less severe when compared to April's report.
Clear Capital noted that "REO-only price performance" can explain why certain markets are doing better than others.
"National real estate prices in May have finally moved past the continued losses of the last few years. The subsequent stabilization pattern seen in recent months has progressed into the start of moderate growth," said Alex Villacorta, director of research and analytics at Clear Capital.
"Strength in REO-only price trends as well as some early indications of price gains spreading from low-tier sectors to the mid, and higher-priced homes is helping confirm that the country continues to make progress on its recovery, and we are expecting to see improvements extend over the next several months."
Home price appreciation grew 0.4% at the national level in May, the first quarterly gain since November of 2011. The West saw the biggest jump in prices over the quarter with the region's growth rate hitting 2.7%, up 2.2 percentage points over the previous month's report.
Scott Hopper - Realtor, 530.477.2277