Though monthly home price growth slowed in August, it still posted strong year-over-year returns, according to CoreLogic.
Well, the great home-price honeymoon may be drawing to a close.
According to the latest Home Price Index from CoreLogic, home prices rose just 0.9 percent from July to August, and though they were up 12.4 percent year-over-year, the weaker monthly increase suggests a deceleration for home prices.
Mark Fleming, the chief economist for CoreLogic, said the deceleration is indicative of seasonal slowdown for the housing market.
“Home price gains were negligible month over month in August – an expected decrease in the pace of appreciation as housing enters the off-season,” Fleming said. “While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year’s late summer trend.”
The strong yearly increases, though, are at least anticipated through September – the CoreLogic Pending HPI is projecting a 12.7 percent year-over-year increase for that month.
And what of here in Chicago? According to more precise data from CoreLogic, prices were up 7.83 percent year-over-year in Chicagoland, but when distressed home sales were excluded, prices were up a more encouraging 10.26 percent, which was in line with more healthy markets such as Dallas.
For a more complete view of the CoreLogic HPI, check out our infographic below: