Home prices barely continued their slow and steady upward gains in October, according to Corelogic’s Home Price Index Report. Including distressed sales, the national home price rose just 0.2% from September, though year-over-year growth still charted at 12.5%. This yearly gain marks the 20th straight month of national prices increases.
The month-on-month deceleration is no surprise, considering the traditional winter real estate slowdown and the recent rise in mortgage rates. California, long a stranger to winter weather patterns, still managed a whopping 22.4% price appreciation year-over-year!
Dr. Mark Fleming, chief economist for Corelogic, cites the upside to the slowdown, pointing out that it “is positive for the housing market as almost half the states are now within 10% of their respective historical peaks.”
You know what they say about slow & steady…