National home prices are continuing to rise from a year earlier, but the rate of growth is slowing down.
The CoreLogic Home Price Index report increased 5.6% in September compared to the same month a year ago. This change represents 31 consecutive months where property values were higher than the year before.
At the start of 2014, year-over-year home values were
Home price appreciation was positive for all 50 states in September compared to last year. The greatest home value growth was seen in Michigan (10.3%), followed by Montana (10%), Maine (9.6%), Massachusetts (8.8%) and California (8.5%).
Meanwhile, new HPI highs were reached by Colorado, Nebraska, North Dakota, South Dakota and Texas at 7.5%, 4.2%, 6.7%, 6.9% and 8%, respectively.
CoreLogic is forecasting moderate price growth for 2015, with values projected to rise 5% over the next 12 months.
"There has been a clear bifurcation in home price growth for lower-end versus upper-end properties in 2014," said Sam Khater, deputy chief economist at CoreLogic. "As of December 2013, both lower-end and upper-end property prices were up 9.7% on a year over year basis. As of September, lower-end prices were up 9.4% but upper-end prices were up only 4.5%."
