Price Increases Slow as Housing Market Heads Into Fall

Home prices improved year-over-year for the 18th straight month in August, though the arrival of housing's usual ""off-season"" brought negligible monthly growth, ""CoreLogic"":http://www.corelogic.com/ reported Tuesday.

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According to the company's monthly Home Price Index (HPI) report, house prices nationwide (including distressed sales) increased 12.4 percent on a yearly basis in August.

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No states reported year-over-year depreciation, and only one of the top 100 Core Based Statistical Areas (CBSAs) posted a decline: Akron, Ohio (-0.3 percent).

On a monthly basis, prices were up only 0.9 percent.

Excluding distressed sales, home prices increased 11.2 percent over August 2012 and 1.0 percent over July 2013. Again, no states experienced depreciation.

""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, CoreLogic's president and CEO.

For September, the company's Pending HPI indicates prices (including distressed sales) will gain 12.7 percent on a yearly basis and 0.2 percent on a monthly basis, continuing the slowing trend.

Removing distressed sales, home prices are poised to rise 12.2 percent year-over-year and 0.7 percent month-over-month.