The monthly Home Price Index for June was released by CoreLogic this week which shows that home prices were up on both a month-over-month as well as on a yearly basis. Nationwide home prices inched up 1.1 percent from May and 5.7 percent since the same month last year.
The CoreLogic HPI Forecast, a projection of future home prices, anticipates that by next summer the average home price will climb yet another 5.3 percent.
“Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas,” CoreLogic President and CEO Anand Nallathambi said. “We see prices continuing to increase at a healthy rate over the next year by as much as 5%."
Meanwhile mortgage rates continue to be supportive of the real estate market as they continue to remain at historic lows. Conforming no-point 30-year fixed rates average 3.375 percent while the 15-year rate is near 2.625 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.