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Home Price Gains Slow as Summer Season Comes to an End

Home prices are on the rise nationwide, but the pace of price gains is showing signs of slowing down, according to the latest housing report from CoreLogic, which includes distressed sales.

Home prices increased 0.9 percent in August from July, a much slower pace than the months prior, signaling the end to the summer selling season, CoreLogic notes.

"In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown," says CoreLogic CEO, Anand Nallathambi. "We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets."

However, home prices were still up 12.4 percent nationwide year-over-year in August, CoreLogic reports.

The following states experienced the largest home price increases in August, according to CoreLogic:

•Nevada: up 25.9% year-over-year

•California: up 23.1% year-over-year

•Arizona: up 16.4% year-over-year

•Wyoming: up 15% year-over-year

•Georgia: up 14.8% year-over-year

For more on this story, please go to: http://www.usatoday.com/story/money/business/2013/10/01/august-home-pric...

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