Us house price rices cool down for winter

The analysts' latest report shows that house prices edged up by just 0.2 per cnet in October 2013 from September. The average property price is now 12.5 per cent higher than one year ago, marking the 20th month in a row of year-on-year increases, but the slowdown in price rises marks the start of a steady period for values during the cooler winter market. Indeed, prices are expected to remain at the same level in November month-over-month.

“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” said Dr. Mark Fleming, chief economist for CoreLogic. “Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks.”

“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” said Anand Nallathambi, president and CEO of CoreLogic. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”