Home prices in the United State increased by 0.2% in October and are up 12.5% on an annual basis, according to the latest data from residential property information and analysis firm Core Logic.
Home prices in the United State increased by 0.2% in October and are up 12.5% on an annual basis, according to the latest data from residential property information and analysis firm Core Logic.
It is the 20th month in a row when there has been a year on year increase in home prices nationally. If distressed sales are excluded than prices were up 0.4% month on month and 11% year on year.
The CoreLogic Pending House Price Index indicates that November 2013 home prices, including distressed sales, are expected to remain at the same level month on month as October 2013, with a projected increase of 12.2% year on year from November 2012.
‘In October the year on year appreciation rate remained strong but the month on month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,’ said Mark Fleming, chief economist for CoreLogic.
‘Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10% of their respective historical price peaks,’ he explained.
In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013, according to Anand Nallathambi, president and chief executive officer of CoreLogic.
‘The deceleration in month on month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates,’ he added.
Including distressed sales, the five states with the highest home price appreciation were: Nevada with growth of 25.9%, California up 22.4%, Georgia up 14.2%, Michigan up 14.1% and Arizona up 14%. Including distressed sales, the only state to show depreciation was New Mexico with a fall of 0.5%.
Excluding distressed sales, the five states with the highest home price appreciation were: Nevada with growth of 22.5%, California up 18.5%, Utah up 13.3%, Florida up 13% and New York up 12.4%.
The five states with the largest peak to current declines, including distressed transactions, were Nevada which was down 40.7%, Florida down 37.4%, Arizona down 31.5%, Rhode Island down 29.3% and West Virginia down 28%.