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July Home Prices Soar by over 12 Percent Year-Over-Year

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home_prices_risingThe housing market continues its march forward, as home prices nationwide increased by 12.4 percent year-over-year in July when compared to a year prior, according to the July CoreLogic Home Price Index (HPI®) report.

This boost is the 17th consecutive monthly year-over-year boost, with prices up 1.8 percent between June and July 2013.

Excluding distressed sales, home prices increased on a year-over-year basis by 11.4 percent in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.7 percent in July 2013 compared to June 2013. Distressed sales include short sales and real estate owned (REO) transactions.

What could be bringing more buyers into the fold?

“Boomerang buyers who are currently renting because they had a short sale or foreclosure in the past 2-3 years but are now eligible to purchase again,” says Pat Kelly, Managing Broker of Realty ONE Group in Gilbert, Arizona.

Another factor? “Low interest rates,” says Jim Sexton, the Managing Broker of Realty ONE Group in Paradise Valley, Arizona. “The fact that interest rates are going up a little creates a sense of urgency among buyers. Even though prices have increased 25 percent in the past 12 months, it’s still an affordable market. We’re in a recovering market, but if you wait another year or two, you might be kicking yourself.”

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