Home prices rose in September to the highest level in five years, according to a new report by CoreLogic.
“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Mark Fleming, chief economist for CoreLogic. During that five-year period, home prices plunged nearly 20%. But prices have recovered and they are in positive territory by 3.4%.
“While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008,” Fleming said.
CoreLogic reported Tuesday that its house price index rose 0.2% in September following a 0.9% increase in August.
However, the rate of price increases slowed in September for the second consecutive month after rising by over 2% a month during the summer.
“This deceleration is natural and should help keep market fundamentals in balance over the longer-term,” says Anand Nallathambi, president and chief executive of CoreLogic.
Overall, home prices nationwide, including distressed sales, are up 12% from September 2012.