Home prices are up 6.9 percent nationwide, according to a new report from property information provider CoreLogic.

CoreLogic’s chief economist Frank Nothaft provided some context for the numbers.

"Home sales continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago," Nothaft wrote. "Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July."

CoreLogic president and CEO, Anand Nallathambi explained some of the factors influencing the gains.

"Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late," Nallathambi wrote in the report. "Adding to overall housing demand is the benefit of a better labor market which has provided Millennials the financial independence to form new households and escape ever rising rental costs."

The report goes on to predict home prices nationwide are expected to rise 0.5 percent between July and August 2015, and 4.7 percent between July 2015 and July 2016.