Friday, October 11, 2013

CoreLogic: Home price gains in Colorado taper off slightly

CoreLogic released its August home price index (HPI) numbers earlier this month. The year-over-year change in August was 8.75 percent.  August marks the twentieth month in a row of year-over-year gains in the home price index for Colorado. The national home price was again pulled upward by big home price growth in California, Arizona, and Nevada. Nationally, the index grew 12.4 percent from August 2012 to August 2013. Housing prices continue to increase at some of the largest rates seen since before the financial crisis. (These numbers are for all single-family homes, including distressed properties.) August's YOY growth rate, however, was the smallest since 2012, perhaps signalling some moderation in the market. The demand for homes may have been affected the this past summer's uptick in interest rates. Home price growth remains substantial.

14 states had larger growth rates in the HPI than Colorado, with the highest growth rates being in Nevada, California, and Arizona. Nevada's HPI grew 25.9 percent year over year, and California's and Arizona 'a HPIs grew 23.1 percent and 16.4 percent respectively. No showed declines in their HPIs over the same period.