Home prices increased 6.4% in August compared to a year earlier, according to data from CoreLogic.
CoreLogic’s Home Price Index report has risen annually for 30 consecutive months. But the current pace of year over-year-appreciation has substantially subsided compared to its October 2013 peak of almost 12%.
“Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential homebuyers in the near future,” said Mark Fleming, chief economist at CoreLogic.
All states showed year over year home price appreciation in August, the Irvine, Calif.-based analytic provider said, with Michigan, California, Nevada, Maine and West Virginia experiencing the greatest increases, respectively, at 11.1%, 9.2%, 9.2%, 9% and 8.7%.
Furthermore, the HPI reached new highs in Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, Texas, Wyoming and Washington, D.C.
CoreLogic projects that home prices will go up 5.2% through next August.