HOME PRICES: Fast-pitch in prices begins wind-down
The fast pitch on home prices that was thrown for most of the year is winding down, a new report from the real estate reporting service CoreLogic found.
The October report by the Irvine-based firm says prices on all homes — including distressed property — rose by two-tenths of 1 percent in October from the month before, with year-to-year prices making a gain of 12.5 percent. That has the chief economist Mark Fleming projecting that November prices will flatten out.
Fleming is expecting about an 11 percent gain in home price from November 2012.
“House price appreciation has slowed, as expected for the winter,” Fleming said Tuesday, Dec. 3. “The slowdown in price appreciation is positive for the housing market, as almost half the states are now within 10 percent of their respective historical price peaks.”
Anand Nallathambi, chief executive of CoreLogic, said the deceleration in prices on a month-on-month basis was expected because the pricing gains were particularly strong in the spring and summer. The moderation is also indicative of normal seasonal patterns, and the impact higher mortgage interest rates have had on consumers, he said.
How did the Inland region fare in September, compared to the nation as a whole?
The Riverside-San Bernardino-Ontario region’s had the highest home price appreciation among its metropolitan counterparts, posting a 24.1 percent jump in price on all homes, including properties in distress. That’s a bigger percentage jump than the state of California, measuring a 22.4 percent gain in prices from October 2012.
Coming in second on the price appreciation scale was Los Angeles-Long Beach, posting a 22.1 percent increase from October 2012.
December 3, 2013 by
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