US house prices leapt by 6% in the year to the end of July, according to the latest expert report.
The month to month increase was a more sedate 1.1%.
The figures were published by leading US property consultant CoreLogic and cover single family homes, including distressed sales.
Average house prices have risen in America for 54 months in a row.
Despite the joy in rising prices, the average home in the States is still 6.1% below the peak last recorded in April 2006.
Values had been predicted to reach the previous high by May 2017, but CoreLogic has pushed the date back to October 2017.
Prices to keep going up
For August, the company is forecasting a o.4% month on month increase and a 5.4% rise for the year.
“If mortgage rates stay relatively and job growth continues as forecast, then the number of home purchases should rise in the coming year,” said Dr Frank Nothaft, the company’s chief economist.
“An increasing number of sales will push prices up. I expect to see home values continue to rise at around 5% for the coming year.”
Although average home prices have failed to hit the previous high, some states have already breached the barrier with 21 posting new highest averages in July.
Only Connecticut has seen home prices fall – by 1.2% in July.
The five states with the highest annual price rises were Oregon (11.2%); Washington (10.2%); Colorado (9.3%); West Virginia (8.6%) and Utah (7.9%).
The five states with the most ground to make up to reach peak average prices are Rhode Island (-19%), Maryland (-19.7%); Arizona (-22.9%); Florida (-23.3%) and Nevada (-31.4%).
Overpriced cities
Five city/metropolitan areas are classified as ‘overpriced’ by CoreLogic, with average prices rising faster than elsewhere.
Denver, Colorado, saw a 10% annual rise in home values to head the list as the most overpriced city in the USA.
Los Angeles, California (6.7%); Miami, Florida (6.2%), Houston, Texas (4.1%) and Washington DC (2.5%) were the others.
The company says 110 housing markets were overvalued in the US in July – with 17 in Texas.
Meanwhile, the company has also reported the number of repossessions (foreclosures) by lenders dropped from 40,000 a year to the end of June 2015 to 38,000 by June 30, 2016.
Repossessions peaked at close to 120,000 a year in September 2010.
