Price appreciation shot up 5.5% annually in July — the highest growth rate since August 2018 — and
July's annual increase was an uptick from the respective year-ago price growth rate of 3.6% as well. With so much uncertainty for 2021 given the upcoming election and coronavirus-related unknowns, the data provider predicts prices will inch up 0.1% into August and 0.6% by July 2021. After bottoming out in March 2011 the wake of the housing crash, the HPI rose on an annual basis every month since February 2012.
"On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic. A long
Without exception, every state posted annual increases in average home prices. Idaho continues to boast the country's top growth rate, jumping 9.8% from July 2019, followed by 9.1% in Maine, and 9% in Arizona. New York sat at the other pole, only rising 1.1%, followed by 1.5% in Illinois and 2.1% in Hawaii.
Among 10 of the largest metro areas, Washington, D.C., again increased the most annually, growing 5.3%, with San Diego trailing at 5.2% and Los Angeles at 4.7%.
Looking ahead, certain housing markets face heightened risks of price declines, based on their tourism dependence, susceptibility to COVID-19 resurgence, or current migratory trends away from dense populations. CoreLogic pegged Las Vegas, Miami, Prescott, Ariz., Lake Charles, La., and Huntington, W.V., for having the highest chances of home price drops by July 2021.