Title insurance agencies may see further gains in home sales and mortgage activity in the coming months, especially as other aspects of the market strengthen, such as home prices.

The overall price of a residential property rose 7.5 percent in June from the same month in 2013, according to a report from CoreLogic. This was the 28th month in a row where a gain occurred from the same point a year earlier. When considering the progress from May's level, the latest figure improved 1 percent.

When not including distressed property transactions, the price improved 6.9 percent in June from a year earlier, the report noted. There was still nearly a 1 percent gain month-over-month, as well.

"Home prices are continuing to rise fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West Coasts," said Anand Nallathambi, president and CEO of CoreLogic. "The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future."

Further home price gains may occur in the coming months. The report showed that it should rise 0.7 percent in July from June's level, while it could also jump 5.7 percent by June 2015. Without distressed property sales, the figure could improve 0.6 percent month-over-month, while it should still reach a 5 percent gain by June of next year.

Mortgage applications slip in late July
Even with the positives in the residential housing market, some issues with mortgages still remain. According to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association, overall home loan applications fell 2.2 percent during the week ending July 25, 2014 compared to a week earlier. When the figure was unadjusted, this slid 2 percent.

Refinances also took a slide during the week. The report noted that the Refinance Index fell 4 percent week-over-week when seasonally adjusted. Additionally, there was a slight decline in the refinance share of mortgage activity, as it slid to 53 percent of the total application share from a week earlier, when it was 54 percent. There was no alteration in the level of adjustable-rate mortgage share of activity, as it was 8 percent.

However, the Purchase Index improved 0.2 percent from the previous week's figure, the report added. When unadjusted, it rose 1 percent during that period.