Rises in Home Prices Slowing Down
Recovery in the real estate market has been marked with increased home prices and mortgage rates. June was no exception to this trend, but the news is not all bad; according to the Home Price Index released by Black Knight Financial Services, the rate of price growth has been gradually dropping.
Month-over-month price changes have varied, with December of 2013 seeing price increases of 0.1 percent and February hitting 0.7 percent. However, the annual rate of increase has been moderating steadily throughout the country. While home prices in September of 2013 were up 9 percent over the previous year the year-over-year price increase seen last month was only 5.5 percent. The year-to-date increase has been at 4.3 percent. Nationally, prices are currently 10.4 percent below June of 2006’s peak of $268,000.
