“While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases,” said Corelogic chief economist Mark Fleming. “Gains are particularly large in former housing-bubble states and energy-industry concentrated states.”
Capital Economics, a research firm, noted that Corelogic’s measure of house prices isn’t seasonally-adjusted, adding that the downturn is seasonal and should not be surprising.
“As the summer-buying season draws to a close, it’s normal for prices to weaken,” said Capital Economics economist Paul Diggle in a report. “This seasonal downturn is something we have been warning about for some time now and it should not come as a surprise.”
The report said that, including distressed sales, the five states with the highest home-price appreciation were: Arizona, Idaho, Nevada, Hawaii and Utah. The five states with the greatest home-price depreciation, also including distressed sales, were Rhode Island, Illinois, New Jersey, Alabama and Delaware.
The report comes after the S&P/Case-Shiller 20-city composite index for home prices posted a non-seasonally-adjusted 0.9% increase in August, following a 1.6% gain in July. There was monthly growth in all cities but Seattle, where prices ticked lower. Read about how home prices have hit nearly a 2-year peak