Home prices posted solid gains in July on both a year-over-year and month-over-month basis
Property information provider CoreLogic reports its Home Price Index (HPI) shows prices nationwide -- including distressed sales -- were up 6% from July 2015 and 1.1% from June.
“The strongest home price gains continue to be in the western region,” said CoreLogic President and CEO Anand Nallathambi. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”
The CoreLogic HPI Forecast indicates home prices will be up 5.4% by July 2017, and will have posted a month-over-month increase of 0.4% from July 2016 to August 2016.
“If mortgage rates continue to remain relatively low and job growth continues -- as most forecasters expect -- then home purchases are likely to rise in the coming year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5% over the next year.”
Keep an eye on your inbox, the lastest consumer news is on it's way!