New data from one of the USA’s leading residential property information, analytics and services provider reveals that property prices in the country rose significantly in the year to August 2013.
According to August’s CoreLogic Home Price Index (HPI) report, home prices nationwide, including distressed sales, increased by 12.4 per cent on a year-over-year basis in August 2013 compared to August 2012. This change represents the 18th consecutive monthly year-over-year increase in home prices nationally.
Even excluding distressed sales, property prices increased by 11.2 per cent in the year to August 2013.
On a monthly basis property prices (including distressed sales) rose by 0.9 per cent – and by 1 per cent excluding distressed sales.
“After a strong run, the rate of home price appreciation slowed in August,” said Anand Nallathambi, president and CEO of CoreLogic. “In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown.
“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,” he added.
The five states with the highest annual home price appreciation (including distressed sales) in the year to August 2013 were Nevada (25.9 per cent), California (23.1 per cent), Arizona (16.4 per cent), Wyoming (15 per cent) and Georgia (14.8 per cent). No states recorded price depreciation during this period.
However, despite all the recent price increases, the latest HPI found that house prices nationwide are still 17.1 per cent lower than they were at their April 2006 peak.
The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (down 41.9 per cent), Florida (-37.2 per cent), Arizona (-32 per cent), Rhode Island (-29.1 per cent) and Michigan (-25.7 percent).