9 States Surge to New Home-Price Highs
Home prices continue to rise nationwide, albeit at a slowing pace. Including distressed sales, home prices rose 6.4 percent year-over-year in August, according to CoreLogic's latest Home Price Index.
Not Totally a Good Thing
All 50 states showed year-over-year home price gains, with nine states soaring to new highs. Those states were:
- North Dakota
Nevertheless, "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. "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."
CoreLogic forecasters predict that home prices will rise 5.2 percent from August 2014 to August 2015.
Copyright National Association of REALTORS®. Reprinted with permission.