National home prices increased 3.6 percent year over year in July 2019, and are expected to increase an additional 5.4 percent by July 2020, according to the latest CoreLogic Home Price Index Report.
All states except Connecticut and South Dakota have seen home prices jump since July 2018, with Idaho (11.5 percent), Utah (8.4 percent) and Maine (7.7 percent) seeing the highest increases.
The nation’s largest cities also continued to see their prices climb, including the Denver metropolitan area with a 3.7 percent year over year increase, according to the report.
National home prices increased month over month by 0.5 percent from June to July, and are expected to climb 0.4 percent from July to August, the report states.
Although the rise in home prices has slowed over the past several months, experts expect to see a re-acceleration over the next year to more than 5 percent on an annualized basis, Frank Martell, president and CEO of CoreLogic, said in a news release.
“Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force,” Martell said. “These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”
The CoreLogic Home Price Index Report is published monthly with coverage at the national, state and Core Based Statistical Area/metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators, according to the report.