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Home prices in July experienced a six percent increase from one year ago, according to new data from CoreLogic. On a monthly basis, July’s prices were 1.1 percent higher than the previous month.
Only Connecticut experienced year-over-year home price depreciation, with a 1.2 percent decline, while Oregon and Washington registered double-digit growth with 11.2 percent and 10.2 percent increases, respectively. CoreLogic also forecast home prices will increase by 0.4 percent between July 2016 and August 2016 and will increase by 5.4 percent from July 2016 to July 2017.
"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," said Frank Nothaft, chief economist for CoreLogic. "The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about five percent over the next year."