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Douglas Zeller's Blog

By Douglas Zeller | Broker in El Dorado County, CA

Nearly Half of States Within Reach of Peak Home Prices

Twenty-three states are within 10 percent of their 2006 home price peaks, CoreLogic reports in its latest housing data report reflecting October data.  

Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. CoreLogic’s Home Price Indexalso reflects distressed sales. 

“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” says Anand Nallathambi, president and CEO of CoreLogic. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”

The National Association of REALTORS® recently reported that its existing-home sales index saw home prices tick up 12.8 percent in October year-over-year. A persistent tight inventory of homes for sale is holding back sales but pushing up home prices in most areas of the country, Lawrence Yun, NAR’s chief economist, said in the report. 

--REALTOR® Magazine Daily News

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