Wednesday
October
01
2014
5:21 pm
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
 
 
 
 

Check out our archive of Dining Guides - Yum!

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
 
What do you think of the new statewide plastic bag ban?

It's great, we need to get rid of them
Doesn't matter around here, they are already banned
Don't like it
Hope it starts a nationwide trend
Don't like it, but whatever

 

 
 
 
 
 
 
Power restored after vehicle crash causes outage
  San Mateo police are reporting power has been restored after an outage caused by a low-spe..
U.S. stocks drop sharply; Airlines sink
NEW YORK — The stock market sank Wednesday, with the Dow Jones industrial average falling 250 poin..
Secret Service chief resigns after security lapses
WASHINGTON — Secret Service Director Julia Pierson resigned Wednesday, a day after bitingly critic..
Truck deals help boost U.S. auto sales in September
DETROIT — Big discounts on pickup trucks helped keep U.S. auto sales strong in September. The p..
Hong Kong protesters threaten to occupy buildings
HONG KONG — Student leaders of Hong Kong's pro-democracy protests warned that if the territory's t..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County marketing