Housing

July Home Prices Post Negative Growth in Massachusetts, Mississippi

Townhouses
Source: Thinkstock
Home prices in the United States rose for the 41st consecutive month in July. Compared with July of 2014, home prices rose 6.9%, including the sales of distressed properties. The year-over-year June increase was 6.5%. Month over month, July home prices rose by 1.7% from June prices, which had also risen 1.7% over May prices.

Only two states posted negative home price appreciation in July. Including sales of distressed properties, they are Massachusetts (2.1%) and Mississippi (0.2%).

The data were released Tuesday by CoreLogic in its Home Price Index report for July.

Including sales of distressed properties, the five states posting the largest year-over-year price increases in July were Colorado (10.4%), Washington (9.9%), Nevada (9.1%), Hawaii (8.9%) and Oregon (8.8%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (10.1%), Washington (9.5%), Nevada (9.1%), Oregon (9.1%) and New York (up 9.0%).

The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (30.6%), Florida (28.1%), Arizona (25.1%), Rhode Island (24.2%) and Maryland (20.2%).

Peak home prices occurred in April 2006, and current prices remain 6.6% below that peak. Excluding distressed properties prices remain 3.5% below the peak.

CoreLogic’s CEO said:

Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late. Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever-rising rental costs.

CoreLogic has forecast that home prices will rise 0.5% month over month in August and rise by 4.7% between July 2015 and July 2016. Both projections include distressed sales.

ALSO READ: The Healthiest City in Every State

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here
you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.


Click here
to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.