Home prices rose 6.7% in July compared with the same month a year ago, according to research firm CoreLogic. That matches the year-over-year increase posted in June. The firm had previously forecast a rise of 5.2%, more in line with the index jumps in for the first three months of the year. The data include sales of distressed properties.
Month over month, July prices rose 0.9%, including distressed home sales. CoreLogic expects July housing prices to rise another 5% year over year to July 2018 and to rise by 0.4% month over month.
CEO Frank Martell noted:
Home prices in July continued to rise at a solid pace with no signs of slowing down. The combination of steadily rising purchase demand along with very tight inventory of unsold homes should keep upward pressure on home prices for the remainder of this year. While mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.
Chief economist Frank Nothaft added:
In July, home price growth in the Pacific Northwest and mountain states led the nation with the highest appreciation rates. The sharp price increases in Washington and Utah has been especially striking, with home price growth in both states accelerating by 3 percentage points since the beginning of the year.
Including distressed sales, home prices rose the most in Utah (10.8%) and Washington (12.9%).
The 10 U.S. metropolitan areas posting the largest increases were:
- Denver: 8.3%
- Las Vegas: 7.7%
- San Diego: 7.2%
- San Francisco: 7.1%
- Los Angeles: 6.9%
- Boston: 6.5%
- Miami: 5.4%
- Washington, D.C.: 3.9%
- Chicago: 3.5%
- Houston: 3.1%
For more information, check out the CoreLogic June report.
24/7 Wall St.Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.