Reflecting the slower fall selling season, home prices inched up just 0.1 percent in November from October 2013. Still, prices were 11.8 percent higher for the month than in November 2012, according to a new report from CoreLogic.
The increase in monthly prices is the 21st consecutive monthly year-over-year increase in national home prices. Excluding distressed sales (such as foreclosures and short sales), home prices increased 0.3 percent month-over-month and 10.4 percent year-over-year.
Economists are expecting prices to continue to climb in 2014, thanks to fewer foreclosures and greater activity among previously underwater homeowners, but the pace of sales and price gains will slow.
“The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market,” CoreLogic CEO Anand Nallathambi said in a statement.
CoreLogic projects home prices in December to dip 0.1 percent month-over-month and increase 11.5 percent year-over-year.
The recent increases have put prices in 21 states and the District of Columbia at or within 10 percent of their peaks, although nationally, home prices are still 17.6 down from their April 2006 peak.
The states with the highest home price appreciation in November were Nevada (25.3 percent), California (21.3 percent), Michigan (14.4 percent), Arizona (13.5 percent), and Georgia (13.3 percent). Of the top 100 metro markets, 96 percent saw year-over-year price increases in November.
The only state that saw home prices drop was Arkansas, where prices depreciated 1.1 percent.
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