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Region’s home prices rise 5.5 percent

Charlotte-area home prices, including distressed sales, increased 5.5 percent year over year in July, according to real estate information and analytics provider CoreLogic. The region’s home prices were up 0.6 percent over June.
In North Carolina, home prices rose 4.3 percent year over year.
Nationally, home prices increased 6 percent year over year and 1.1 percent month over month, according to the CoreLogic Home Price Index. The company is forecasting home prices to increase 5.4 percent between July and July 2017.
“If mortgage continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” said Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”

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