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 double-digit price increases. Only one state, Connecticut, actually experienced a drop in home prices, according to CoreLogic. The state’s year-over-year change for single-family home prices dropped 1.2 percent over the year.
Oregon reached the highest growth, rising 11.2 percent over the year, but Washington was close by, with 10.2 percent appreciation.
Save for Connecticut’s negative figures, New Jersey experienced the lowest growth, with a 0.2 percent annual increase.
Home price increases in Chicago
The state of Illinois experienced relatively small home price gains over the year, the report shows. Since July 2015, home prices have only increased 3 percent statewide. However, the Chicago metro area did slightly better, with home prices rising 3.8 percent year-over-year. The median home price in Chicago is currently $210,800, according to Zillow.
