California-based property information company CoreLogic has released its July 2015 Home Price Index, which shows that home prices nationwide increased 6.9 percent over July 2014 and 1.7 percent over last month.
Colorado was the only state to experience more than 10-percent year-over-year growth in July, according to the index.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago,” Frank Nothaft, chief economist for CoreLogic, said in a news release from the company. “Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July.”
Including distressed sales, single family home prices increased 10.4 percent from July 2014 to July 2015 (10.1 percent excluding distressed home sales). Other states that experienced above-average growth were:
- Washington, which grew 9.9 percent (9.5 percent excluding distressed sales);
- Nevada, which grew 9.1 percent (9.1 percent excluding distressed sales); and
- Hawaii, which grew 8.9 percent ( 8.9 percent percent excluding distressed sales).
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” Anand Nallathambi, president and CEO of CoreLogic, said in the release. “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.”
Colorado Springs, however, experienced a year-over-year increase of 5.1 percent (5 percent excluding distressed sales) and an increase of 1 percent from June to July of 2015 (.9 percent excluding distressed sales) — both of which are below the national average — according to the index.
Visit corelogic.com to view the Home Price Index in its entirety.