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

Posted To: MND NewsWire

Entry-level priced homes, which continue to be in short supply, are, helping to drive strong price gains. CoreLogic says home prices nationwide, including distressed sales, increased year over year by 5.5 percent in July 2020 and were up 1.2 percent compared to the previous month. The annual increase was the fastest in nearly two years. The company said 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 has driven upward pressure on home price appreciation.” Dr. Frank Nothaft, CoreLogic’s chief economist said, “Lower-priced homes are sought after and have had faster annual price growth than luxury homes. First-time buyers and investors are actively seeking…(read more)

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