Home sale prices nationwide rose in June, though experts predict price growth will falter in July when the numbers come in.
Prices rose nearly 5 percent year-over-year compared to June 2019, and prices in June increased 1 percent from May prices, according to Mansion Global, citing an analysis from CoreLogic. July home prices have not been released.
CoreLogic’s chief economist attributed the June uptick to a decline in inventory and record-low mortgage rates, which enabled first-time homebuyers and millennials to buy.
The forecast for July is not as rosy. CoreLogic predicts prices will drop 1 percent in July, and expects to report negative annual price growth by next year.
A recent report from the National Association of Realtors showed a larger gain in June. The NAR report revealed sales of existing homes across four major regions shot up 20.7 percent in June compared to May. It also found that the median home price also increased to $295,300 — marking the 100th month in a row that year-over-year median home prices have increased. [MG] — Erin Hudson