CoreLogic: Home Prices Up 6% in July

CoreLogic, Irvine, Calif., said home prices nationwide, including distressed sales, increased year over year by 6 percent in July from a year ago and by 1.1 percent from June.

“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 Frank Nothaft, chief economist for CoreLogic.

The company’s Home Price Index reported Oregon (11.2 percent), Washington (10.2 percent) with double-digit annual price gains, followed by Colorado (9.3 percent), West Virginia (8.6 percent) and Utah (7.9 percent). On the other end, Connecticut was the only state showing price declines over the same period (-1.2 percent). Other states with slowed appreciation were New Jersey and Delaware (0.2 percent each) and Vermont (0.8 percent).

“The strongest home price gains continue to be in the western region,” said Anand Nallathambi, president and CEO of CoreLogic. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”

The CoreLogic HPI Forecast indicates that home prices should increase by 5.4 percent on a year-over-year basis from through July 2017; on a month-over-month basis home prices are expected to increase by 0.4 percent through August.