New figures released by CoreLogic in its Home Price Index have shown that the price of US homes rose by 3.8% during the month of July when compared to the figures from the same month one year ago. This jump is the largest that has been witnessed since 2006.
Chief economist for CoreLogic, Mark Fleming, said: “The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August. While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”
“It’s been six years since the housing market last experienced the gains that we saw in July,” added the president and CEO of CoreLogic, Anand Nallathambi. He went on to add that although some slowing in price gains is expected over the remaining months off 2012, the light at the end of the long tunnel can now be clearly seen.
Experts to believe that August’s figures, including the sales of distressed homes, will rise by approximately 4.6% year-on-year, while there should be at least a 0.6% rise when the figures for August are compared to those for July.
Taking out the sales of distressed properties, the index still displayed a 4.3% rise year-on-year for July, while the month-on-month figures presented a 1.7% rise between June and July of this year.
There seems to be little doubt now that the housing market is sustaining its own recovery.
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