Home prices in June gained 5.7 percent year-over-year and 1.1 percent month-over-month, according to the CoreLogic Home Price Index.
“Mortage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Frank Nothaft, CoreLogic chief economist, in a statement. “Local markets with strong economic growth have generally had stronger home-price growth.”
June’s increase was the 53rd consecutive month of annual gains, but prices were still 6.7 percent beneath their peak values recorded in April 2006. Prices are expected to reach a new peak level in November 2017, according to CoreLogic.
CoreLogic also predicted that prices should increase 0.6 percent in July, and 5.3 percent in June 2017.
The five states that registered the largest annual home price gains in June were Oregon, 10.9 percent; Washington, 10.3 percent; Colorado, 9.2 percent; Utah, 7.9 percent; and Nevada, 7.7 percent.
Two states reported year-over-year home price decreases in June. Connecticut home prices fell 1.7 percent and New Jersey declined 0.8 percent.
The states furthest from their peak values in June were Nevada, down 32.0 percent; Florida, down 23.9 percent; Arizona, down 23.5 percent; Maryland, down 20.7 percent; and Rhode Island, down 19.6 percent.
