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CoreLogic measures slight home price growth in July


Home prices increased in July over one year ago, with growth expected to continue modestly but flatly through next summer, according to the monthly CoreLogic Home Price Index (HPI) released today.

Home prices increased 7.4 percent over July 2013, and were up 1.2 percent between June and July, higher than the 1 percent growth between May and June.

CoreLogic expects home prices to increase 5.7 percent by July 2015, the same growth prediction it made for the period between June 2014 and June 2015.

New highs

Some states reached new highs on the HPI dating back as far as 1976. States like Alaska, Colorado, Louisiana, Iowa, and the District of Colombia broke records while all 50 states posted year-over-year appreciation in July.

Only Arkansas saw a decline in home prices between June and July, with appreciation falling 0.9 percent.

The states with the best appreciation were Michigan at 11.4 percent, Maine at 10.6 percent, New York at 9.7 percent, Hawaii at 10.5 percent, and California at 10.5 percent.

Well below peak

The HPI is well below levels seen before the housing crash. The July reading was 11.9 percent below the peak measurement taken in 2006.

The July HPI reading, however, is the 29thconsecutive month where the HPI has been higher than the same month in the previous year.

CoreLogic Deputy Chief Economist Sam Khater said that the July HPI reading shows a new trend in home prices—where homes in the Northeast and Midwest are beginning drive price increases, rather than the traditionally strong West and South.

“While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting,” Khater said. “Entering this year, price increases were led by western and southern states, but over the last few months northeastern and Midwestern states are migrating to the forefront of home price rankings.”


 

Questions? Contact Neal McNamara at (425) 984-6017 or nealm@scotsmanguide.com.

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