Home prices have continued to perform strongly, posting their 17th consecutive year-over-year increase.
CoreLogic's July Home Price Index shows home prices nationwide, including distressed sales, rose 12.4% on a year-over-year basis. On a month-over-month basis, prices were up 1.8% from June to July.
CoreLogic predicted August would see another increase, though slightly smaller. The analytics firm forecast that August prices would post a 12.3% year-over-year rise, but just a 0.4% rise from July.
“Home prices continued to surge in July,” said Dr. Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
CoreLogic president and CEO Anand Nallathambu said home prices across the nation were now only 18% off the peak levels reached in April 2006.