Monday, February 16, 2015

August home prices up 1.3% from July

U.S. home prices were up 1.3% in August from July , but the peak rate of gain in home prices occurred in April, a widely watched index shows.

Data through August shows that prices were up 12.8% year over year, shows the Standard & Poor's Case-Shiller 20-city index.

Both the 10 and 20-city indices showed their highest annual increases since February 2006, and all 20 cities reported positive year-over-year returns.

But while home prices continue to rise, it's at a slower pace each month since April, the data shows. In August, 16 cities reported smaller gains compared to July.

Other home price tracking services have shown slowing rates of appreciation amid higher interest rates, more homes for sale and slowing investor purchases.

U.S. home values were up 1.2% in the third quarter from the second, Zillow data show. That's down from a 2.5% jump in the second quarter from the first.

Half of 30 major metropolitan areas covered by Zillow saw values fall in September from August, seasonally adjusted numbers show. Earlier this summer, all the same metros were seeing month-to-month gains.

Pending home sales, too, declined in September for the fourth month in a row, a signal to expect lower home sales this quarter and a flat trend going into next year, the National Association of Realtors said Monday. NAR said price gains will continue, however, given still tight inventories of homes for sale in many markets.

After spiking in May, mortgage interest rates have come back down. Freddie Mac data shows them slipping last week to a four-month low at an average of 4.13% for the 30-year fixed rate loan. That's still up from 3.41% a year ago.

No comments:

Post a Comment