CoreLogic: Home prices increase during July

Home prices increased during July, according to a new report.According to CoreLogic's July Home Price Index, property prices nationwide continued to increase during the month.Overall, prices of homes for sale grew 0.8 percent from June, representing the fourth-straight month of improvement. Compared to the previous year, however, prices experienced a significant drop, falling 5.2 percent. This yearly decline follows a similar pattern in June, when home prices fell 6 percent below their level in June 2010. Excluding sales of distressed properties, July's average home price was down just 0.6 percent from the previous year, while June fell 1.9 percent below the level recorded the year prior.”While July's numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer. At that point, the month-over-month growth will most likely turn negative,” said Mark Fleming, chief economist for CoreLogic.Fleming explained that the slowdown in economic growth, combined with uncertainty stemming from the stock market volatility may drive prices lower soon.Bucking the national trend, the median price for Houston properties increased from July 2010, settling at $224,110, which represents an all-time high for the month, the Houston Association of Realtors reported.Courtesy of 2M Realty News

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