Home Price Increases Reach All-Time High in July
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 18% year-over-year in July. CoreLogic predicts that home prices will increase on a month-over-month basis by 0.7% through August, 2022, and on a year-over-year basis by 2.7% through July, 2022.
July’s annual home price growth was the most that we have ever seen in the 45-year history of the CoreLogic Home Price Index. This price gain has far exceeded income growth and eroded affordability. In the coming months this will temper demand and lead to a slowing in price growth.” – Dr. Frank Nothaft Chief Economist for CoreLogic