Home Price Growth Slower in July

Home Price Growth Slower in July

09/23/2013 BY: HUGH MOORE

On a month-by-month basis, home prices slowed their rebound in July according to a home values report released today by Lender Processing Services. LPS’s Home Pricing Index showed housing prices rose just 0.6 percent from June but were still up 8.7 percent from July of 2012.

“Though home price appreciation has slowed a bit at the national level, the rate of appreciation is still higher than at this point last year, and price gains continue to be broad-based across geographies,” said Raj Dosaj, Vice

President of Behavioral Models and HPI for LPS. “In addition, non-distressed sales have increased significantly from last year, reflecting an overall healthier real estate market. Moving forward, rising mortgage rates will have some downward pressure on prices and volumes but general economic improvement and pent up demand for housing may be strong enough to overcome those factors.”

All five of the largest state markets showed slower growth (California – 0.5 percent, Florida – 1.0 percent, New Jersy – 0.5 percent, New York – 0.8 percent, and Texas – 0.6 percent).

The largest metro area markets also slowed their home price appreciation (Chicago – 0.8 percent, Dallas – 0.6 percent, Los Angeles – 0.3 percent, New York – 0.8 percent and Washington, D.C. – 0.4 percent).

There were, however, encouraging signs of continued recovery in the report. Distressed properties fell significantly as an overall percentage of the market from this time last year.

 

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