Augusts’ Annual Home Price Gains Set Post-Crisis Record

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This is last quarter’s information. In the last couple of months the home prices, while continuing to rise, have tapered off quite a bit. Look for price to level out or just a small rising trend through winter. For a more detailed look at this subject please read the article below.

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The S&P/Case-Shiller Home Price Indices rose once again in August at their fastest annual rate in more than six and a half years, but the monthly pace continues to slow.

The Case-Shiller 10- and 20-city composites each posted yearly growth of 12.8 percent over August 2012, breaking July records and setting the fastest pace for growth since February 2006. Compared to July’s indices, annual growth accelerated in 14 of the tracked cities.

All 20 cities experienced price growth compared to last year, and 13 reported double-digit gains, with Las Vegas leading at 29.2 percent—its fastest rate of growth since March 2005.

Monthly numbers were slower, with both composites seeing a 1.3 percent increase—indicating prices may be approaching a plateau.

“The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July,” said David M. Blitzer, Index Committee chairman at S&P Dow Jones Indices. “Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.”

All cities posted monthly improvements over July; again, Las Vegas set the pace at 2.9 percent, with Seattle sitting at the bottom at 0.5 percent.

To read the complete article please use the link below.

Home Price Gains

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