Posted: Tuesday, September 2nd 2014 at 9:04am
Home prices rose at slower pace in July
By The Associated Press
WASHINGTON (AP) -- U.S. home prices rose in July but at a slower rate compared with earlier this year. The moderating price increases could help support sales.
Real estate data provider CoreLogic said Tuesday that prices rose 7.4 percent in July from July 2013. That was slightly below June's year-over-year increase of 7.5 percent and far below a recent peak of 11.9 percent in February.
Prices rose 1.2 percent in July from June. But CoreLogic's monthly figures aren't adjusted for seasonality, such as increased buying that occurs in warm weather.
Home prices rose in 49 states in July from the previous year but fell in Arkansas, CoreLogic said. Michigan experienced the biggest price gain, at 11.4 percent. It was followed by Maine, at 10.6 percent; Nevada, 10.6 percent; Hawaii 10.5 percent; and California, at 10.5 percent.
Prices in 11 states and Washington, D.C., have now completely rebounded from the housing bust and reached new highs. Those states are: Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.
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