U.S. home price gains were up 2.5% year-over-year in July, according to new data from CoreLogic. This represented the 138th consecutive month of annual growth.
The median nationwide sales price for a single-family home was $375,000 in July. Within the states, the most expensive median sales price was $700,000 for California, followed by $670,000 for the District of Columbia and $590,000 for Massachusetts. Eleven states saw home price declines on an annual basis in July, ranging from -5.7% in Idaho to -0.3% in California.
CoreLogic projected year-over-year U.S. home price gains will reach 3.5% by July 2024. The company added that the 11 states recording saw year-over-year losses in July will begin posting gains by October of this year.
“Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” said Selma Hepp, chief economist for CoreLogic. “That said, high mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations. Nevertheless, the projection of prolonged higher mortgage rates has dampened price forecasts over the next year, particularly in less-affordable markets. But as there is still an extreme inventory shortage in the Western U.S., home prices in some of those markets should see relatively more upward pressure.”
;
