Home Price Gains at Two-Year Lows

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Posted To: MND NewsWire

The take-away from CoreLogic's report on its August Home Price Index is that home price appreciation during the month was the slowest in two years . The national index was up 0.1 percent compared to July while the year-over-year gain, while also indicating a slowdown, was still a strong 5.5 percent. Price gains were highest by a huge margin in Nevada with a 13.0 percent annual increase. Washington State prices rose 9.1 percent and in Utah the increase was 8.9 percent. Five other states posted gains of 7 percent or more including one surprise entry, West Virginia. "The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home," said Dr. Frank Nothaft, chief economist for CoreLogic. "The slackening in demand is reflected...(read more)

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