According to a new report from CoreLogic, single-family home prices are still up across the nation, and Texas continues to buck trends, posting increases above the national average. Home prices in the Houston metropolitan area took the No. 1 spot, with an 11.4 percent increase from August 2013 to August 2014.
"Home prices continue to rise, albeit more slowly, across most of the U.S.,” president and CEO Anand Nallathambi said in a statement. “Major metropolitan areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.”
“Major metropolitan areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.”
Home prices in the Dallas-Plano-Irving metropolitan were up 9 percent in August 2014 compared to the same period last year, placing it No. 5 nationally. At the state level, home prices rose 8.5 percent from August 2013, enough for a No. 10 ranking.
Across the nation, home prices are up 6.4 percent from the same time period last year, with a month-over-month increase of .03 percent. All states showed a year-over-year home price appreciation in August, and the home price index (HPI) reached new highs in nine states, including Texas.
The U.S. has experienced 30 consecutive months of year-over-year increases; however, the national average is no longer posting double-digit increases.
Looking ahead, according to the CoreLogic HPI Forecast, home prices are projected to increase 0.2 percent from August 2014 to September 2014 and by 5.2 percent from August 2014 to August 2015.
To determine the home price index, CoreLogic, a residential property information, analytics and services provider, looks at price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same single-family homes over time, which provides a more accurate “constant quality” view of pricing trends, as opposed to views of pricing trends based on analysis of all home sales.