For the 30th consecutive month, year-over-year home prices rose nationally, according to the August CoreLogic Home Price Index, released earlier this month.
Prices rose 6.4 percent in August from a year earlier, and climbed 0.3 percent from July. All states showed year-over-year price gains in August, including nine states that reached new highs — Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, Texas and Wyoming. The District of Columbia also saw home prices reach new highs.
Excluding distressed sales, home prices nationally rose 5.9 percent from a year earlier, with only Mississippi showing a decline year-over-year (down 1.7 percent). Distressed sales include short sales and real estate owned transactions.
The CoreLogic HPI Forecast, a monthly projection of home prices built using the CoreLogic HPI and other economic variables, shows that prices are expected to increase by an additional 5.2 percent from August to August 2015, and excluding distressed sales, increase 4.7 percent over that time.
Sales prices also are expected to rise 0.2 percent from August to September.
CoreLogic Chief Economist Mark Fleming said that the pace of increase in home sales has slowed since its peak of 12 percent gains year-over-year in October 2013.
“Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential homebuyers in the future,” he said.
In August, Michigan showed the highest home price appreciation at 11.1 percent year-over-year gains, followed by California, Nevada, Maine and West Virginia.
Excluding distressed sales, Massachusetts had the highest gains at 9.4 percent year-over-year, followed by Maine, West Virginia, Hawaii and South Carolina.
Of the top 100 Core Based Statistical Areas, 98 showed year-over-year increases in August. The only two that did not were Rochester, N.Y., and Little Rock-North Little Rock-Conway, Ark.