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Home prices took a 5.7 percent year-over-year spike in June, according to new data from CoreLogic. On a month-by-month measurement, June’s home prices—which include distressed property transactions—saw a 1.1 percent uptick from May.
Only two states saw year-over-year home price declines in June: Connecticut registered a 1.7 percent drop and New Jersey slipped by 0.8 percent. At the other end of the spectrum, Oregon and Washington saw the greatest activity, with home sales up 10.9 and 10.3 percent, respectively, while Denver had the most vibrant metro area with a 10.2 percent year-over-year rise.
CoreLogic is also forecasting a 5.3 percent year-over-year jump in home prices from June 2016 to June 2017 and 0.6 percent month-over-month bump from June to July.
"Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases," said Frank Nothaft, chief economist for CoreLogic. "Local markets with strong economic growth have generally had stronger home-price growth. Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation."