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July's Home Prices Increase by 5.5%, Breaking a Two-Year Record
Tuesday, October 6, 2020
Entry-level priced homes, which continue to be in
short supply, are, helping to drive strong price gains. CoreLogic says home prices nationwide, including
distressed sales, increased year over year by 5.5 percent in July 2020 and were
up 1.2 percent compared to the previous month. The annual increase was the
fastest in nearly two years. The company
said the "one-two punch of strong purchase demand - bolstered by falling
mortgage rates, which dipped below 3 percent for the first time ever
in July - and further constriction of for-sale inventory has driven upward
pressure on home price appreciation." Dr. Frank Nothaft, CoreLogic's chief
economist said, "Lower-priced homes are sought after and have had faster
annual price growth than luxury homes. First-time buyers and investors are
actively seeking lower-priced homes, and that segment of the housing market is
in particularly short supply."
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