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Home Prices Rise 69 Percent in July

first_imgHome Prices Rise 6.9 Percent in July in Daily Dose, Data, Headlines, Market Studies, News September 1, 2015 540 Views Low mortgage rates and stronger consumer confidence are driving home sales and home prices upward, according to CoreLogic’s July 2015 Home Price Index (HPI) Report.The report found that home prices, including distressed sales, rose 6.9 percent year-over-year in July. Home prices rose 6.7 percent excluding distressed sales.”Home sales continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July.””Home sales continued their brisk rebound in July and home prices reflected that.”CoreLogic showed that on a month-over-month basis, home prices increased by 1.7 percent from June to July. Excluding distressed sales, home prices rose 1.5 percent month-over-month.Nationwide, home prices are still 6.6 percent below their April 2006 peak, CoreLogic says.”Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” said Anand Nallathambi, president and CEO of CoreLogic. “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-risings rental costs.”The index showed that two states had negative home price appreciation: Massachusetts (-2.1 percent) and Mississippi (-0.8 percent).Alaska, Arkansas, Colorado, Hawaii, Iowa, Kentucky, Montana, Nebraska, New York, North Carolina, North Dakota, Oklahoma, South Dakota, Tennessee, and Texas reached new home price highs in July, CoreLogic reported.CoreLogic predicts that home prices, including distressed sales, will rise 0.5 percent from July to August, and national home prices are projected to increase by 4.7 percent from July 2015 to July 2016.Click here to view the CoreLogic’s July 2015 Home Price Index.last_img read more