Home prices in September hit their highest levels since 2008, according to data released Tuesday.
Home prices nationwide increased 12% year-over-year in September, according to CoreLogic’s Home Price Index. That’s the 19th consecutive monthly year-over-year price increase at the national level. Month over month, prices crept up 0.2% compared to August of 2013. Excluding distressed sales, prices were up 10.8% year over year and 0.3% month over month.
“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Dr. Mark Fleming, chief economist for CoreLogic. “The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008.”
CoreLogic estimates that October will continue the trend, with home prices rising 12.5% year-over-year and 0.1% month over month. However, price gains are starting to moderate, according to said Anand Nallathambi, president and CEO of CoreLogic.
“We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year,” Nallathambi said. “This deceleration is natural and should help keep market fundamentals in balance over the longer-term.”
Nevada saw the highest price appreciation at 22.4%, excluding distressed sales. Rounding out the top five were California (18.9%), Utah (13.2%), Arizona (12.6%) and Florida (12.6%).