3:36 pm

  Local News
  State / National / World
  Opinion / Letters
  Arts / Entertainment
  Submit Event
  Comics / Games
  DJ Designers
  Advertise With Us
  About Us
U.S. home prices rise at slower pace in September
November 06, 2013, 05:00 AM The Associated Press

WASHINGTON — A measure of U.S. home prices rose only slightly in September from August, a sign that prices are leveling off after big gains earlier this year.

Real estate provider CoreLogic said Tuesday that home prices increased 0.2 percent in September from the previous month. That’s sharply lower than the 0.9 percent month-over-month gain in August and well below the 1.8 percent increase in July.

Prices still rose 12 percent in September compared with a year ago.

Higher mortgage rates and steady price increases began to slow home sales in September. As a result, price gains have cooled off.

Mortgage rates are still very low. And the average rate on a 30-year fixed loan has fallen to 4.1 percent in the past month, down from a two-year high of nearly 4.6 percent over the summer. “This deceleration is natural and should help keep market fundamentals in balance over the longer-term,” said Anand Nallathambi, president and CEO of CoreLogic.

Many economists expect the housing recovery to continue, though with slower gains in sales. Still, the spike in rates over the summer has weighed on the market. A measure of signed contracts to buy homes fell 5.6 percent in September to the lowest level in nine months.

There is generally a one- to two-month lag between a signed contract and a completed sale. The sharp drop in September suggests final sales will decline in the coming months.

The annual price gains are widespread, according to CoreLogic. Prices rose in all 50 states and in all 100 of the largest U.S. metro areas.

Price jumped 25.3 percent in Nevada from a year earlier, the most in any state. California (22.5 percent), Arizona (14.6 percent), Georgia (14.4 percent) and Michigan (13.9 percent) reported the next highest gains.

Home prices are still about 17 percent below the peak reached in April 2006, according to CoreLogic.



Tags: percent, prices, september, gains, month, still,

Other stories from today:


Print this Page Print this Page  |  Bookmark and Share
<< Back
Return To Archives

Daily Journal Quick Poll
Do you agree with Gov. Brown signing The End of Life Option Act, which allows terminally ill patients to end their lives with the help of a doctor?

Yes, it will allow those with terminal conditions to die with dignity
No, doctors are sometimes too hasty in determining someone is terminally ill
Not sure


Redwood City officials report hospital wing lost water due to broken main
A water main break in Redwood City is affecting part of a nearby hospital, a city spokeswoman said ..
California governor OKs expansive new equal pay protections
SACRAMENTO — Female workers in California are getting new tools to challenge gender-based wage gap..
Phone scam making the rounds in San Mateo County
The San Mateo County Sheriff's Office is warning residents to beware of a telephone scam involving a..
IMF downgrades forecast for world, emerging market economies
LIMA, Peru — China's slowdown and tumbling commodity prices will push global economic growth this ..
Top general in Afghanistan: US strike on hospital a mistake
WASHINGTON — The deadly American attack on a hospital in northern Afghanistan occurred despite "ri..
More >>  

©2015 San Mateo Daily Journal
Woodside news