The Canadian Press - ONLINE EDITION

CoreLogic: US home prices up 8.8 pct. in past year; gains slow as more properties are for sale

  • Print

WASHINGTON - U.S. home prices rose in May compared with a year earlier, but the gains have slowed.

Data provider CoreLogic said Tuesday that prices increased 8.8 per cent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.

On a month-to-month basis, prices rose 1.2 per cent from April to May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer weather, which can affect sales.

Prices increased the most in Western states, including Hawaii, California and Nevada.

Home sales began to stall in the middle of last year after double-digit price increases and higher mortgage rates made real estate less affordable for many people.

But sales rose last month as price gains have moderated and mortgage rates have dipped.

Sales of existing homes climbed 4.9 per cent in May to a seasonally adjusted annual rate of 4.89 million homes, according to the National Association of Realtors.

However, sales are down 5 per cent year-over-year.

The Realtors forecast that sales of existing homes will decline 2.8 per cent this year to 4.95 million, compared with 5.1 million in 2013.

Sluggish sales, in turn, will slow annual price gains this year to roughly 5 per cent or 6 per cent, economists predict.

Prices rose in the 12 months ending in May in every state, CoreLogic said. The states with the biggest price gains were Hawaii, 13.2 per cent; California, 13.1 per cent; Nevada, 12.6 per cent; Michigan, 11.8 per cent; New York, 11 per cent; Georgia, 10.3 per cent; and Oregon, 10.1 per cent.

Ninety-four of the 100 largest metro areas reported higher prices in May compared with a year earlier.

The six that did not record an increase were: Worcester, Massachusetts; Hartford, Connecticut; New Haven, Connecticut; Little Rock, Arkansas; Rochester, New York; and Winston-Salem, North Carolina.

Average prices have risen nationwide for the past 27 months. Still, homes nationwide are 13.5 per cent below their peak values in April 2006.

Ten states have exceeded their previous peaks, including Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Drew Willy says team couldn't get anything going

View more like this

Photo Store Gallery

  • A monarch butterfly looks for nectar in Mexican sunflowers at Winnipeg's Assiniboine Park Monday afternoon-Monarch butterflys start their annual migration usually in late August with the first sign of frost- Standup photo– August 22, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • PHIL.HOSSACK@FREEPRESS.MB.CA 090728 / WINNIPEG FREE PRESS White Pelicans belly up to the sushi bar Tuesday afternoon at Lockport. One of North America's largest birds is a common sight along the Red RIver and on Lake Winnipeg. Here the fight each other for fish near the base of Red RIver's control structure, giving human fisher's downstream a run for their money.

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google