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July Home Prices Increase 5.5%, Breaking a Two-Year Record

Posted To: MND NewsWire

Home prices grew in July by the fastest rate in nearly two years, a 5.5 percent annual gain. According to CoreLogic’s Home Price Index (HPI), the month-over-month change was 1.2 percent. The company said it was “The one-two punch of strong purchase demand – bolstered by falling mortgage rates, which dipped below 3 percent for the first time ever in July – and further constriction of for-sale inventory” that has driven upward pressure on home price appreciation. “On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic. A long period of record-low mortgage rates has opened the flood gates for a refinancing boom that is likely to last for several years ,” said Frank Martell, president and CEO of CoreLogic. “In addition, after a momentary COVID-19…(read more)

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