Home prices in July increased 6 percent year-over-year and 1.1 percent month-over-month, according to CoreLogic HPI.
This is the 54th consecutive month of year-over-year home price increases. Single-family home prices remain 6.1 percent below the previous peak value set in April 2006, but CoreLogic predicts a new home price peak will be reached in October 2017.
“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters predict, then home purchases are likely to rise in the coming year,” said Frank Nothaft, CoreLogic chief economist, in a statement. “The increased sales will support further price appreciation.”
The states with the largest year-over-year home price gains were Oregon, 11.2 percent; Washington, 10.2 percent; Colorado, 9.3 percent; West Virginia, 8.6 percent; and Utah, 7.9 percent.
The five states remaining furthest from their peak values were Nevada, down 31.4 percent; Florida, down 23.3 percent; Arizona, down 22.9 percent; Maryland, down 19.7 percent; and Rhode Island, down 19.4 percent.
