Springfield home prices rise

Springfield’s home price increase in July outpaced statewide gains but was below the national average.

The Queen City figure that includes distressed sales - which factor short sales and real-estate owned transactions - rose 4.5 percent compared with the same month a year earlier, according to the latest data from real estate market tracker CoreLogic.

Comparatively, U.S. home prices moved up 6 percent and Missouri prices increased 3.9 percent in July.

"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," said Frank Nothaft, chief economist for CoreLogic, in a news release. “Home prices are projected to rise about 5 percent over the next year."