Double-digit annualized home price increases were recorded in July in Nevada (12.9 percent), Idaho (12.3 percent) and Washington (10.4 percent). North Dakota was the sole state with an annualized decline in July, recording a 0.6 percent drop. CoreLogic also reported that 40 percent of the 100 largest metropolitan areas had an overvalued housing market as of July, while 20 percent were undervalued and 40 percent were at value.
Looking ahead, CoreLogic is forecasting a 5.1 percent on a year-over-year basis from July 2018 to July 2019 and a 0.2 percent decline from July to August 2018.
"With increased interest rates and home prices, the CoreLogic Home Price Index is rising at a slower rate than it was a year ago," said Frank Nothaft, Chief Economist for CoreLogic. "While markets in the western part of the country continue to experience rapid home-price growth, many of those metros are overvalued, and will likely experience a slowdown soon."