CoreLogic: Home prices increased slightly in October
Posted on Wednesday, December 4, 2013 at 10:24:34 AM
Buyers with residential financing will keep close watch on rising home prices, as the housing recovery continues to drive the figure upward.
According to CoreLogic, the change from September to October was small, though. Including distressed sales, home prices only increased 0.2 percent month-over-month. On a yearly basis, prices actually ticked up more than 12 percent.
"In October, the year-over-year appreciation rate remained strong, but the month-over-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 percent of their respective historical price peaks."
Several states posted extremely high levels of price appreciation, including Nevada, at 25.9 percent, California, at 22.4 percent, and Georgia, at 14.2 percent.
These higher prices could impact buyers with residential financing, according to The Wall Street Journal. As numbers rise, some people may not be willing to pay more - or be encouraged to jump in now instead of waiting. In addition, real estate investors have backed off, leaving more properties for other types of buyers.