DataMarkets & Economy

Illinois home value increases taking the slow and steady route, CoreLogic says

Denver, Seattle and Portland were the only major cities with annual double-digit increases
  • Home prices nationwide increased 6 percent year-over-year in July and 1.1 percent from the previous month.
  • CoreLogic data suggests that U.S. home prices will increase 5.4 percent in the next year and 0.4 percent each month.
  • The state of Illinois experienced relatively small home price gains over the year.

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With the exception of a few major cities, U.S. home prices are moving up across the country and rose 6 percent annually in July, according to CoreLogic. The Corelogic Home Price Index showed that home prices climbed 1.1 percent from June to July, and 6 percent year-over-year. Based on the data, the analytics company determined the national home price would continue increasing another 5.4 percent to July 2017. The report also suggests that home prices will increase 0.4 percent month-over-month for the next year. "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," Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. "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." Denver, Portland and Seattle all achieved do...