Home Prices Rise in the Corridor, Nation in August

By George C. Ford, Reporter

In this Sept. 21, 2010 photo, a sign stands in front of a new homes for sale in a West Des Moines, Iowa, neighborhood. Sales of new homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy. (AP Photo/Charlie Neibergall)

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By Katie Stinson

CEDAR RAPIDS, Iowa - Housing prices continued to recover in the Corridor and the nation as a whole in August when compared with the same month of 2012.

Cedar Rapids home prices, including distressed sales, increased 0.9 percent in August compared with August 2012, according to CoreLogic, an Irvine, Calif., residential-property information and services company.

On a month-over-month basis, home prices increased by 0.4 percent in August compared with July.

Distressed sales include short sales and real estate owned transactions.

Excluding distressed sales, year-over-year prices rose 1.3 percent in August compared with the same month in 2012. On a month-over-month basis, Cedar Rapids home prices increased by 0.2 percent in August compared to July.

Iowa City home prices, including distressed sales, increased by 2.7 percent in August compared with the same month in 2012. On a month-over-month basis, home prices increased by 0.4 percent in August compared with July.

Excluding distressed sales, Iowa City year-over-year home prices increased by 2.4 percent in August compared with August 2012. On a month-over-month basis, excluding distressed sales, CoreLogic reported home prices increased by 0.6 percent in August compared with July.

Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in August compared with the same month last year. It marked the 18th consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices increased by 0.9 percent in August compared with July.

Excluding distressed sales, home prices increased by 11.2 percent on a year-over-year basis in August compared with the same month of 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1 percent in August compared with July.

"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 president and CEO.

"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."

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