Some states are beating the nation as a whole in the category of surging home prices. Nationwide, including distressed sales, prices shot up 6.9 percent in July 2015 compared with July 2014, according to CoreLogic.
On a month-over-month basis, home prices nationwide, including distressed sales, rose by 1.7 percent in July 2015 compared with June 2015.
Only 10 states have seen increased growth in the last year that matched or beat the nation as a whole. Those states are: Colorado, Florida, Hawaii, Nevada, New York, Oregon, South Carolina, South Dakota, Texas and Washington. Meanwhile, only Colorado can claim more than 10 percent year-over-year growth.
Fifteen states hit new price peaks since January 1976 when the CoreLogic index began — including Alaska, Arkansas, Colorado, Hawaii, Iowa, Kentucky, Montana, Nebraska, New York, North Carolina, North Dakota, Oklahoma, South Dakota, Tennessee and Texas.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9% from a year ago,” said Frank Nothaft, chief economist for CoreLogic. “Over the same period, the National Association of Realtors reported existing sales up 10% and the Census Bureau reported new home sales up 26% in July.”
Only two states saw home price depreciation: Massachusetts (-2.1 percent) and Mississippi (-0.8 percent).
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” said Anand Nallathambi, president and CEO of CoreLogic. “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.”
The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase by 0.5% month over month from July 2015 to August 2015 and by 4.7% on a year-over-year basis from July 2015 to July 2016.