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Late Summer Sales Keep September Prices Hot

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By Steve Cook

sold_home_summerHome price gains in September rose over record August levels, evidence of residual summer buying activity, according to the first market report of the month to be released.

All regions saw small up-ticks in yearly price gains as Clear Capital’s Home Data Index (HDI) Market Report said September prices rose to 10.9 percent year-over-year. In August, national yearly home price growth reached 10.2 percent, the last time Clear Capital reported double digit yearly price growth since the middle of 2006, the height of the bubble.

Clear Capital’s August prices remained 32.5 percent off their previous highs and only in line with 2002 prices. Additionally, the low tier price segment of the housing market saw quarterly gains of 2.0 percent, the lowest since April 2012, indicating the sector that kick started the recovery is already on a path of moderation. From its peak rate of growth in April 2013, rates of growth for the low tier segment, or home sale values in the bottom 25th percentile, have fallen from 4.1 percent to 2.0 percent.

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