Home prices grew by 1% month-over-month in August 2013, according to the latest Corelogic home price index, after growing 1.7% in July.
This figure excludes distressed home sales transactions. which include short sales and REO transactions, in which a lender takes possession of a property following an unsuccessful foreclosure auction.
Year-on-year, prices grew by 11.2% since August 2012.
Including distressed sales, home prices grew 12.4% on the year, and 0.9% on the month.
According to Mark Fleming, chief economist for Corelogic, the fall in growth this season was to be expected as housing entered its off-season. Anand Nallanthambi, president and CEO of Corelogic added that in addition to normal seasonality, a sharp increase in mortgage rates has also been a cause for the slowdown.
“We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets,” he said in a press release.
The five states with the largest declines from their peak were Nevada, which declined 41.9%, followed by Florida, Arizona, Rhode Island and Michigan. However, Nevada also posted the largest home price appreciation compared to other states.
Here’s a look at the trajectory of home prices: