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ABQ home prices up 3.6%, excluding distressed sales

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asaleAverage U.S. home prices climbed 12.4 percent in August from a year ago, although New Mexico prices showed a much more meager gain.

Sales are being fueled, in most areas, by more buyers bidding on a limited supply of houses.
Real estate provider CoreLogic says prices also increased 0.9 percent in August from July.

But the gain was half the 1.8 percent increase in July from June. The group said higher mortgage rates and the end of the summer buying season likely slowed the gain.

Prices rose in every state compared with the previous year and in 99 of the 100 largest cities. Akron, Ohio was the only area to report a decline.

Mortgage rates have risen about a full percentage point since May. Some analysts worry that higher rates could slow home sales.

Home prices in the Albuquerque metro area, including distressed sales, increased by 0.3 percent in August 2013 compared with August 2012. On a month-over-month basis, home prices, including distressed sales, increased by 0.3 percent in August 2013 compared with July 2013, CoreLogic reported.

Excluding distressed sales, year-over-year prices in the Albuquerque metro increased by 3.6 percent in August 2013 compared with August 2012. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 0.5 percent in August 2013 compared with July 2013.

“After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,” said Anand Nallathambi, president and CEO of CoreLogic. “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”

Highlights of the report included:

– Including distressed sales, the five states with the highest home price appreciation were: Nevada (+25.9 percent), California (+23.1 percent), Arizona (+16.4 percent), Wyoming (+15 percent) and Georgia (+14.8 percent).

– Including distressed sales, no states posted home price depreciation in the month of August.

– Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.4 percent), California (+19.8 percent), Arizona (+14 percent), Utah (+13.7 percent) and Florida (+13.5 percent).

– Excluding distressed sales, no states posted home price depreciation in the month of August.

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