Home prices nationwide continue to rise, but the pace of price increases is showing signs of slowing, according to the latest housing report from CoreLogic, which includes distressed sales.
Home prices rose 0.9 percent in August from July -- a much slower pace than the previous months, signaling the end to the summer selling season, CoreLogic notes.
"In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown," says Anand Nallathambi, CoreLogic CEO. "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."
Still, home prices were up 12.4 percent nationwide year-over-year in August, CoreLogic reports.
The following states had the highest home price increases in August, according to CoreLogic:
- Nevada: +25.9% year-over-year
- California: +23.1% year-over-year
- Arizona: +16.4% year-over-year
- Wyoming: +15% year-over-year
- Georgia: +14.8% year-over-year
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