When including distressed sales, home price appreciation across the nation continued to make year-over-year gains for the 54th consecutive month according to CoreLogic’s U.S. Home Price Insights Report for July. Compared to June, home price appreciation rose by 1.1%, and on a year-over-year basis, home price appreciation grew 6.0%.
CoreLogic’s chief economist Dr. Frank Nothaft stated, “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. The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”
On a state level, Washington’s home price appreciation grew in the double-digits to 10.2% compared to July 2015. Montana was identified by CoreLogic as reaching a new home price appreciation high in July and having a 6.7% increase in appreciation over the same time last year. Idaho (+7.0%) and Wyoming (+4.1%) also experienced year-over-year increases in home price appreciation. Read the full report at http://bit.ly/2cd35dg.