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More States See Rising Home Prices
Home prices nationwide, including for distressed sales, rose 7.4 percent year-over-year in July, according to CoreLogic’s latest reading of its Home Price Index.
“While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting,” says Sam Khater, deputy chief economist for CoreLogic. “Entering this year, price increases were led by Western and Southern states, but over the last few months, Northeastern and Midwestern states are migrating to the forefront of home-price rankings.”
The five states with the highest home-price appreciation in July, including for distressed sales, were: Michigan (+11.4%); Maine (+10.6%); Nevada (+10.6%); Hawaii (+10.5%); and California (+10.5%).