US home prices were 3.8 percent up in July from the same month the previous year, marking the biggest annual increase since August 2006.
Home prices across the nation, including distressed sales, increased by 1.3 percent in July from June, according to data aggregator CoreLogic’s home price index, which tracks the 100 largest US markets. The July 2012 figures demonstrate the fifth consecutive uptick in home prices on both a year-over-year and month-over-month basis.
Although prices are still 27.2 percent lower than their peak in April 2006, CoreLogic’s report, released yesterday, predicts that home values will increase at least 1.3 percent from July to August, resulting in 6 percent year-over-year growth from August 2011 to August 2012.
In the New York-White Plains-Wayne, NY-NJ region, price levels inched up 3.4 percent year-over-year in July and 3 percent from June to July. In New York state, home prices went up 5.4 percent year-over-year.
The five states with the biggest gains were Arizona (16.6%), Idaho (10.0%), Utah (9.3%), South Dakota (8.3%) and Colorado (7.3%). The five states with the greatest depreciation in house prices were Delaware (4.8%), Alabama (4.6%), Rhode Island (2.2%), Connecticut (1.7%) and Illinois (1.7%).
“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 whole year,” Mark Fleming, chief economist for CoreLogic, said in a statement.