Tuesday
May
03
2016
1:49 am
Weather
 
  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
U.S. home prices rose at slower pace in July
September 02, 2014, 05:00 AM The Associated Press

WASHINGTON — U.S. home prices rose in July but at a slower rate compared with earlier this year. The moderating price increases could help support sales.

Real estate data provider CoreLogic said Tuesday that prices rose 7.4 percent in July from July 2013. That was slightly below June's year-over-year increase of 7.5 percent and far below a recent peak of 11.9 percent in February.

Prices rose 1.2 percent in July from June. But CoreLogic's monthly figures aren't adjusted for seasonality, such as increased buying that occurs in warm weather.

The smaller price gains should make homes more affordable. The average 30-year fixed mortgage rate was 4.1 percent last week, the lowest in a year. And the number of available homes rose 3.5 percent in July to the most in nearly two years. A greater supply tends to limit the bidding wars that inflate prices.

Greater affordability has helped housing recover over the spring and summer after sales and construction fell earlier this year. Sales of existing homes rose for a fourth straight month in July to their strongest pace in nine months. And a measure of signed contracts also increased in July, suggesting that final sales will rise further in coming months.

Home prices rose in 49 states in July from the previous year but fell in Arkansas, CoreLogic said. Michigan experienced the biggest price gain, at 11.4 percent. It was followed by Maine, at 10.6 percent; Nevada, 10.6 percent; Hawaii 10.5 percent; and California, at 10.5 percent.

Prices in 11 states and Washington, D.C., have now completely rebounded from the housing bust and reached new highs. Those states are: Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.

Some mixed signals have emerged about the housing market. Home construction jumped 15.7 percent in July to an eight-month high as developers broke ground on more single-family homes and apartment buildings. But sales of new homes fell that month, which could limit future construction.

Housing helped boost the economy in the April-June quarter, when growth reached an annual rate of 4.2 percent. Housing had subtracted from growth in the previous two quarters.

 

 

Tags: percent, prices, housing, homes, sales, construction,


Other stories from today:

U.S. construction spending up 1.8 percent in July
U.S. home prices rose at slower pace in July
U.S. manufacturing grows at fastest pace in 3½ years
Video purports to show beheading of U.S. journalist
PG&E fined $1.4B for deadly 2010 gas line blast
 

 
Print this Page Print this Page  | 
<< Back
 
 
  


 
 
 
Daily Journal Quick Poll
 
Is the cost of living in the Bay Area worth it?

Definitely yes
For the most part
Sometimes
Getting to be no
Definitely not

 

 
May the 4th Be With You!
 
 
 
 
First US cruise in decades arrives in Havana
HAVANA — The first U.S. cruise ship in nearly 40 years crossed the Florida Straits from Miami and ..
Kerry seeks path to calm in Syria, holds talks in Geneva
GENEVA — U.S. Secretary of State John Kerry on Monday said "several proposals" aimed at finding a ..
Solar plane on global trip soars from California to Arizona
MOUNTAIN VIEW — A solar-powered airplane soared above the clouds Monday after taking off from Cali..
Hungary aiming to drive Uber ride-hailing app out of country
BUDAPEST, Hungary — The Hungarian government wants to drive out ride-hailing app Uber from the cou..
More >>  
 
 
  
 
  
 
©2016 San Mateo Daily Journal
San Mateo County blogs