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Housing

September U.S. Home Prices Rise Most in Michigan and Montana

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By Paul Ausick Updated Published
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Home prices in the United States rose for the 31st consecutive month in September, but the increases have slowed for high-end properties and risen at the lower end. Compared with August of 2013, home prices rose 5.6%, including the sales of distressed properties. September home prices slipped by 0.1% from August prices. In August, prices rose 6.4% year-over-year and 0.3% month-over-month.

In 28 states and the District of Columbia, home prices are at or within 10% of their peak. Home prices remain 12.6% below the peak set in April 2006. The data was released Tuesday by research firm CoreLogic.

Including sales of distressed properties, the five states posting the largest year-over-year price increases were Michigan (10.3%), Montana (10.0%), Maine (9.6%), Massachusetts (8.6%) and California (8.5%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Maine (10.4%), Massachusetts (9.7%), California (7.6%), Texas (7.4%) and Michigan (7.2%).

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (36.6%), Florida (34.1%), Arizona (9.6%), Rhode Island (27.9%) and Maryland (21.2%).

CoreLogic’s deputy chief economist said:

There has been a clear bifurcation in home price growth for lower-end versus upper-end properties in 2014. As of December 2013, both lower-end and upper-end property prices were up 9.7 percent on a year over year basis. As of September, lower-end prices were up 9.4 percent but upper-end prices were up only 4.5 percent.

CoreLogic has forecast that home prices, including distressed sales, will rise 0.1% in October compared with September and by 4.6% in the 12 months between September 2014 and September 2015. Both estimates include distressed sales.

ALSO READ: Florida Leads U.S. in Annual Foreclosures

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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