Home prices in July increased nationally by 3.6 percent from one year earlier and by 0.5 percent from June, according to new data from CoreLogic
Idaho was the sole state to record a double-digit year-over-year price gain with an 11.5 percent spike, while Connecticut and South Dakota saw declines by 0.3 percent and 3.4 percent, respectively. CoreLogic also determined that 37 percent of top 100 metropolitan areas had an overvalued housing market in July, with 40 percent of the areas being at value and 23 percent being undervalued.
Looking ahead, CoreLogic forecast the annual price growth on home sales will increase by 5.4 percent in the 12 months ending July 2020, while the month-over-month measurement from July to August will see a 0.4 percent uptick.
“Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income,” said Frank Nothaft, Chief Economist at CoreLogic. “With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”