Home prices increased in July year-over-year and month-over-month, according to the Home Price Index and HPI Forecast released by CoreLogic, a property information, analytics and data-enabled solutions provider.

Home prices in the U.S., including distressed sales, increased by 6% from last year, and 1.1% from June, according to the HPI.

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(Source: CoreLogic)

While home prices are still increasing, the chart shows they are leveling off with changes that are much less dramatic than in previous years.

"If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year," CoreLogic Chief Economist Frank Nothaft said. "The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5% over the next year."

The HPI Forecast shows that home prices will increase by 5.4% annually from July this year to July 2017. The Forecast also predicts that home prices will rise yet again in August by 0.4%, a slowdown from current annual and monthly growth.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

"The strongest home price gains continue to be in the western region," CoreLogic President and CEO Anand Nallathambi said. "As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year."

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