Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

U.S. home prices expected to increase 5.7 percent by next year

Posted by: Jim Buchta under Buying Updated: September 2, 2014 - 12:51 PM

U.S. house prices, including distressed sales, are expected to increase 5.7 percent from July 2014 to July 2015, according to the latest CoreLogic Home Price Index.

The report also shows that house prices in the Twin Cities increased slightly slower than the national average during July, the rising 6.2 percent higher from last year and 1.5 percent higher than the previous month. Nationwide, annual prices were up 7.4 percent, the 29th consecutive month of year-over-year increases.

We'll have the lastest local numbers on August 12 when the Minneapolis Area Association of Realtors releases its monthly sales report, which I expect will show another decline in sales, and a moderate increased in home prices. Here some highlights from the CoreLogic report:

  • On a month-over-month basis, U.S. prices were 1.2 percent higher than the previous month with Arkansas being on the only state to post a month-to-month decline, and it was a small one.
  • 11 states, plus the District of Columbia, reached new highs. That included Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.
  • The five states with the highest home price appreciation were Michigan (+11.4 percent), Maine (+10.6 percent), Nevada (+10.6 percent), Hawaii (+10.5 percent) and California (+10.5 percent).

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