July’s biggest home-price movers. Courtesy of CoreLogic.

The year-over-year pace of national home-price growth accelerated in July, CoreLogic reported, citing its monthly Home Price Insights report.   

Specifically, prices rose 2.5% annually after growing by 1.6% in both May and June. On a monthly basis, prices rose 0.4% from June to July. The gains drove prices 5% above their recent February lows. 

Looking ahead, the CoreLogic HPI Forecast predicts home prices will rise by 0.4% on a month-over-month basis from July to August and increase 3.5% between July and July 2024.  

“Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” Chief Economist Selma Hepp said in a press release. “That said, high mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations.” 

Geographically, the 11 states to experience declines in prices were all in the West, where inventory has remained particularly tight, CoreLogic said, noting that the downward price trend could be short lived as competition drives prices higher again. CoreLogic expects all states with price declines in July to return to positive territory by October. 

On a city basis, Miami once again posted the highest annual increase among the country’s 20 largest metro areas, at 9%, followed by Chicago at 4.2% and Washington, D.C., at 2.7%.