Home prices during June were up 1.1 percent from May and up 6.7 percent from June 2016, according to new data from CoreLogic
Washington and Utah saw double-digit year-over-year home price appreciation in June at 12.7 percent and 10.7 percent, respectively. Alaska was the only state to see negative year-over-year growth, with a 0.6 percent decline. CoreLogic also determined that the housing markets within four of the nation’s 10 largest metropolitan areas—Denver, Houston, Miami and Washington, D.C.—were overvalued.
CoreLogic also forecast home prices will increase by 5.2 percent on a year-over-year basis from June 2017 to June 2018, and will also rise by 0.6 percent between June and July of this year.
"The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory," said Frank Nothaft, Chief Economist for CoreLogic. "As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years."