National home prices are expected to rise 5.7% from July 2014 through July of next year, CoreLogic’s latest historic Home Price Index Report finds.
“Home prices continued to march higher across much of the U.S. in July,” says Anand Nallathambi, president and CEO of CoreLogic, in the report. “Most states are reaching price levels not seen since the boom year of 2006. Our data indicates that this trend will continue, with more states hitting new all-time peaks this year and into 2015 as the recovery continues.”
Home prices rose by 7.4% year over year in July, marking the 29th consecutive month of year-over-year home price gains.
On a month-over-month basis, home prices increased by 1.2% in July 2014 compared to the previous month’s data, and a .6% increase is expected in August.
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, data show.
Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation in July.
Massachusetts registered the largest year-over-year home price appreciation in July, excluding distressed sales, at 11.2%. Rounding out the top five states to show growth for the same time period were New York with 9.7%, Maine with 9.5%, Hawaii with 9.2% and Florida with 8.8%.
“While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting,” says Sam Khater, deputy chief economist for CoreLogic about the changing geographic trends.
Access the full report here.
Written by Cassandra Dowell