The home price increases continues in July. CoreLegic's home price index nationwide includes distressed sales (short sales and bank owned properties) were up 1.2% from June to July and increased 7.4% compared to July 2013. July became the 29th month in which prices increased on an annual basis. These however are not double digit increases. The HPI which includes distressed sales gained 6.8% on a year over year basis and was up 1.1% from June.
The largest annual increases including distressed sales were in Michigan, Maine, Nevada, Hawaii and California. In states excluding distressed sales, the biggest gains were in Massachusetts, New York, Mine and Hawaii.
While home prices have clearly moderated since spring, the geographic drivers of price increases have shifted. Entering the year price increases were lead by western and southern states. Over the last few months northeastern and midwestern states are migrating to the forefront of home price rankings.
The bottom line is that home prices are expected to continue to rise across much of the U. S. Most states are reaching price levels not seen since the boom year of 2006. The data indicates that this trend in home prices will continue with more states hitting new all time peaks this year and into 2015.
A current appraisal of your property will let you know where you stand in this ever changing market.