U.S. home prices increased 2.5 percent year-over-year in July, the 138th consecutive month the housing market recorded a price gain compared with the previous year, according to data released today.
July was also an improvement from May and June, when the national housing market posted 1.6 percent year-over-year price gains in both months, CoreLogic in Irvine reported.
The median price of a single-family home nationwide during the seventh month of the year was $375,000, with California – $700,00 – the highest cost of any state.
U.S. home prices have now experienced month-over-month price increases for six consecutive months.
“Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” said Selma Hepp, CoreLogic’s chief economist, in the statement. “Home prices are still growing but are in line with historic seasonal expectations.”
In the Inland Empire, the price of a single-family home was virtually unchanged in July, both year-over-year and month-over-month, according to CoreLogic.