WASHINGTON (11/5/14)--Home prices continue to slow, as the CoreLogic Home Price index dropped by 0.1% in September from August, the first time home prices have decreased on a month-over-month basis this year (Economy.com Nov. 4).
Year-over-year, home prices climbed by 5.6% in September, which is the slowest rise in growth since August 2012, according to Moody's.
"Though this year-over-year growth remains strong from a historical perspective, the national housing market is significantly weaker than it was earlier in the year," said Kwame Donaldson, Moody's analyst (Economy.com).
Excluding distress sales, the index climbed 5.2% year-over-year, and sits 9.1% below its peak, which occurred before the recession.
Including distress sales, home prices climbed in every state on an annual basis, according to Moody's.
The states to post the largest increases in home prices were Michigan (10.3%), Montana (10%), Maine (9.6%), Massachusetts (8.8%) and California (8.5%).
CoreLogic expects home prices will climb 0.1% in October and increase by 5% over the next 12 months starting in September, according to Housingwire.com.
"Home prices continue to rise compared with this time last year, but the rate of growth is clearly slowing as we exit 2014," said Anand Nallathambi, CoreLogic president/CEO. "With more positive macro-economic trends emerging in the U.S., we are forecasting moderate price growth for 2015."