Home prices in the US increased by 8.8% year on year in May and are expected to rise 6% in the next 12 months, according to the latest index data from property analysis firm CoreLogic.

Prices have now increased year on year for 27 months in a row. The data also shows that month on month prices were up 1.4% in May compared with April.

No states saw prices fall in May 2014 and 25 states were at or within 10% of their peak home price.

New highs were recorded in Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York. The strongest year on year appreciation was in the West, led by Hawaii, California and Nevada.

The CoreLogic HPI Forecast indicates that home prices are projected to increase 0.8% month on month from May 2014 to June 2014 and 6% year on year.