“We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”
September home prics are expected to rise by 12.7 percent year-over-year and increase by 0.2 percent on a month-over-month basis from August.
In August, the states with the highest annual home price appreciation were: Nevada, (25.9%); California (23.1); Arizona (16.4); Wyoming (15) and Georgia (14.8).
The average rate on the 30-year fixed mortgage was at its lowest level since late July, averaging 4.32 percent, up from 3.4 percent a year ago, according to Freddie Mac.
“Home price gains were negligible month over month in August, an expected decrease in the pace of appreciation as housing enters the off-season,” said Mark Fleming, chief economist for CoreLogic.
“While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year’s late summer trend.”