Monday
January
26
2015
10:29 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 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
 
Would you like to see San Mateo City Hall move downtown?

Yes, it's the perfect spot for it
No, it's good where it is
Depends on where exactly and how much it would cost
Should never have left downtown
Not sure, would like to see some studies

 

 
 
 
 
 
 
 
Child struck near Fair Oaks Elementary School not seriously injured
A child was hit by a car while walking near Fair Oaks Elementary School in unincorporated San Mateo ..
Six-alarm vegetation fire in Pacifica contained
A six-alarm vegetation fire that prompted evacuations in Pacifica early this morning has been contai..
Islamic State group nearly pushed out of Syria's Kobani
BEIRUT — Kurdish fighters backed by intense U.S.-led airstrikes pushed the Islamic State group alm..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County courts