Home price gains slowed in September

Homes prices increased at a slower annual pace in September, according to a new report released Tuesday.

Prices, including distressed sales, increased 5.6 percent above September 2013 levels, representing 31 months of consecutive year-over-year increases in home prices, according to CoreLogic, a global property information service. 

{mosads}That growth is slower than the 6.4 percent gain in August and July’s 6.8 percent increase.

Overall, home prices remain 12.6 percent below their peak, which was set in April 2006.

“Home prices continue to rise compared with this time last year but the rate of growth is clearly slowing as we exit 2014,” said Anand Nallathambi, president and CEO of CoreLogic.

“With more positive macro-economic trends emerging in the U.S., we are forecasting moderate price growth for 2015.”

On a monthly basis, home prices, including distressed sales, dropped 0.1 percent in September.

The forecast shows that prices should increase 0.1 percent in October and by 5 percent in September 2015.

All states showed year-over-year home price appreciation in September, and the index reached new highs in six states — Colorado, Nebraska, North Dakota, South Dakota, Texas and Vermont.

Two of those states, Michigan and Montana, showed double-digit year-over-year growth.

Meanwhile, 28 states and the District of Columbia were at or within 10 percent of their home price peak.

The five states with the highest home price appreciation were: Michigan (+10.3 percent), Montana (+10 percent), Maine (+9.6 percent), Massachusetts (+8.8 percent) and California (+8.5 percent).