July’s biggest home-price movers. Courtesy of CoreLogic.

Chicago’s annual home-price growth was second-highest among the nation’s 20 largest cities, CoreLogic reported in its monthly Home Price Insights analysis.

Chicago showed a 4.2% increase in home prices in July compared to the same month in 2022, the report noted. Miami once again posted the highest annual increase at 9%. Washington, D.C., was third at 2.7%. 

The year-over-year pace of national home-price growth accelerated in July, CoreLogic reported. Prices rose 2.5% annually after growing by 1.6% in both May and June. On a monthly basis, prices rose 0.4% from June to July. The gains drove prices 5% above their February lows. 

Looking ahead, the CoreLogic HPI Forecast predicts home prices will rise by 0.4% on a month-over-month basis from July to August and increase 3.5% between July and July 2024.  

“Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” Chief Economist Selma Hepp said in a press release. “That said, high mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations.” 

Geographically, the 11 states to experience declines in prices were all in the West, CoreLogic said, noting that the downward price trend could be short lived as competition drives prices higher again. CoreLogic expects all states with price declines in July to return to positive territory by October.