Home Prices Up Nearly 7 Percent Since Last Year

Increase aided by lower mortgage rates and better consumer confidence

September 3, 2015

Home prices are up 6.9 percent in July 2015 compared to July 2014, according to a CoreLogic forecast (via HousingWire). The figure includes distressed sales.

Over the same period, existing sales are up 10 percent and new home sales are up 26 percent in July. Anand Nallathambi, the CEO of CoreLogic, says that the increases are helped by low mortgage rates and stronger consumer confidence.

On a month-over-month basis, home prices have increased 1.7 percent from June to July of this year.

Homeowners in the Rockies and Pacific regions should be pleased. Fifteen states, including Colorado, Montana and Hawaii, reached new price peaks since the index started 40 years ago, and the highest home appreciation rates, both including and excluding distressed sales, were situated out west.

The states with the highest appreciation were Colorado (10.4 percent including distressed, 10.1 excluding), Washington (9.9, 9.5), and Nevada (9.1, 9.1).

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