Home sales and home prices ticked up in July, representing a near-7% increase year-over-year for the nationwide housing recovery.
The recovery varied state by state, but averaged a 6.9% increase overall, according to monthly findings by real estate researcher CoreLogic.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9% from a year ago,” said Frank Nothaft, chief economist for CoreLogic. “Over the same period, the National Association of Realtors reported existing sales up 10% and the Census Bureau reported new home sales up 26% in July.”
Including distressed sales, just two states—Massachusetts and Mississippi—showed negative home price appreciation, according to the findings.
And despite an ongoing recovery of 41 consecutive months of home price increases, CoreLogic says, its home price index projects a 0.5% rise in home prices in August over July, and a 4.7% increase nationally in the coming year.
The continued recovery encompasses several factors, CoreLogic CEO and President Anand Nallathambi says.
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” he said. “Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever-rising rental costs.”
Written by Elizabeth Ecker