It appears that it is not just the weather that is cooling down – it is the housing market too. Real estate analytic company CoreLogic released its monthly Home Price Index this week for August which shows that home price appreciation in the U.S. is currently at its slowest pace in two years with 5.5 percent annual growth overall.
While the West is not immune for the slow-down in price gains, the region continued to outpace the rest of the nation. Including distressed sales, home prices rose the most year-over-year in Nevada (13 percent), Idaho (12.2 percent) and Washington (9.2 percent).
California cities dominated the list of cities with the biggest price gains, including San Diego which ranked fifth in the nation with 6 percent growth in home prices on a year-over-year basis.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.15 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.