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National home prices are continuing to rise from a year earlier, but the rate of growth is slowing down.
The CoreLogic Home Price Index report increased 5.6% in September compared to the same month a year ago. This change represents 31 consecutive months where property values were higher than the year before.
At the start of 2014, year-over-year home values were up by double digits. However, this rate has been decreasing every month, the Irvine, Calif.-based analytic firm’s index has revealed.
Home price appreciation was positive for all 50 states in September compared to last year. The greatest home value growth was seen in Michigan (10.3%), followed by Montana (10%), Maine (9.6%), Massachusetts (8.8%) and California (8.5%).
Meanwhile, new HPI highs were reached by Colorado, Nebraska, North Dakota, South Dakota and Texas at 7.5%, 4.2%, 6.7%, 6.9% and 8%, respectively.
CoreLogic is forecasting moderate price growth for 2015, with values projected to rise 5% over the next 12 months.
“There has been a clear bifurcation in home price growth for lower-end versus upper-end properties in 2014,” said Sam Khater, deputy chief economist at CoreLogic. “As of December 2013, both lower-end and upper-end property prices were up 9.7% on a year over year basis. As of September, lower-end prices were up 9.4% but upper-end prices were up only 4.5%.”