Home prices nationwide were up on a year-over-year basis, but saw negligible growth for the month as the market hits an off-season.
Home prices, including distressed sales rose 12.4% in August from the previous year, according to a report released Tuesday by CoreLogic. That marks the 18th consecutive month of year-over-year home price increases. Excluding distressed sales, home prices were up year-over-year by 11.2%. Prices rose 1% from July 2013.
Gains were smaller on a month-over-month basis, however, with prices excluding distressed sales rising only 1% from July.
“Home price gains were negligible month over month in August—an expected decrease in the pace of appreciation as housing enters the off-season,” said Dr. Mark Fleming, chief economist for CoreLogic. “While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year’s late summer trend.”
“After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,” said Anand Nallathambi, president and CEO of CoreLogic. “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”
Nevada saw the highest year-over-year appreciation at 25.9%. California (23.1%), Arizona (16.4%), Wyoming (15%) and Georgia (14.8%) rounded out the top five. No states posted home price depreciation during August.