CoreLogic’s Home Price Index showed that home prices nationwide rose for the fifth straight month, up 0.5% from May to June. Prices were also 1.6% higher when compared to June of last year. CoreLogic forecasts that home prices will rise 0.6% in July and 4.3% in the year going forward.

Zillow also reported that home values have increased 4.8% this year. They’re forecasting that home values will rise 6.3% from June 2023 to June 2024, and predicting that 48 of the nation’s 200 largest markets will see increases of 7% or more.

What’s the bottom line? The latest rise in home prices reported by CoreLogic and Zillow echoes the strong growth seen in other appreciation indexes, including those released by Case-Shiller, Black Knight, and the Federal Housing Finance Agency. Tight supply is a key factor impacting prices, with CoreLogic’s Chief Economist, Selma Hepp, explaining that “the continued imbalance between buyers and sellers continues to pressure home prices.” This is why homeownership remains a good investment and opportunity for building wealth through real estate.