Nationally, home price appreciation continued to rise according to CoreLogic’s July Home Price Index report. Including distressed sales, home prices increased by 6.9% on a year-over-year basis and were 1.7% higher than in June. CoreLogic is forecasting home price appreciation to make another increase between July and August by 0.5%.
Anand Nallathambi, CoreLogic’s President and CEO, stated, “Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late. Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever-rising rental costs.”
In the states that showed the largest year-over-year increase in home price appreciation in July was Washington. When including distressed sales, Washington’s home prices rose by 9.9%. Idaho (+4.8%), Montana (+4.7%), and Wyoming (+2.6%) also saw increases in home prices on a 12-month basis. To read the full report, visit http://bit.ly/1EFPUf1.