Home prices in August increased 6.2 percent year-over-year and 1.1 percent month-over-month, according to the CoreLogic Home Price Index.
This is the 55th consecutive month of year-over-year home price increases. Home prices in August were 5.6 percent beneath the peak value set in April 2006, said Frank Nothaft, CoreLogic chief economist, in a statement.
Corelogic predicts a 5.3 percent year-over-year increase between August 2016 and August 2017, and a 0.4 percent increase between August and September 2016.
“With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017,” Nothaft said. Specifically, CoreLogic predicts a new peak level in October 2017.
The largest year-over-year price increases in August were registered in Oregon, 10.3 percent; Washington, 10.2 percent; Colorado, 9.1 percent; Utah, 7.7 percent; and South Dakota, 7.7 percent.
The five states furthest from peak values in August were Nevada, down 31.4 percent; Florida, down 22.9 percent; Arizona, down 22.4 percent; Maryland, down 19.3 percent; and Rhode Island, down 18.5 percent.
