Home prices continued to inch up in August, rising just 0.3% compared to July, according to CoreLogic.
Prices were up 6.4% compared to August 2013, according to the report, as home price appreciation continued to slow.
Including distressed sales, states that saw the most home price appreciation, year over year, in August included Michigan (11.1%), California (9.2%), Nevada (9.2%), Maine (9%) and West Virginia (8.7%).
Excluding distressed sales, states that saw the most home price appreciation included Massachusetts (9.4%), Maine (9.3%), West Virginia (8.9%), Hawaii (8.7%) and South Carolina (8.1%).
Home prices, including distressed sales, are now about 12.1% below their peak in April 2006, according to CoreLogic. Excluding distressed sales, prices are about 8.6% below the peak.
The five states with the largest peak-to-current declines, including distressed transactions, in August included Nevada (-36.2%), Florida (-33.4%), Arizona (-28.9%), Rhode Island (-26.8%) and Maryland (-20.2%).
‘The pace of year-over-year appreciation continues to slow down as real estate markets find more balance,’ says Mark Fleming, chief economist at CoreLogic, in a release. ‘Home price appreciation reached a peak of almost 12 percent year over year in October 2013 and has since subsided to the current pace of 6 percent. Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential home buyers in the near future.’
‘Home prices continue to rise, albeit more slowly, across most of the U.S.,’ adds Anand Nallathambi, president and CEO of CoreLogic. ‘Major metropolitan areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.’