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Nevada leads states in home-price gains


Home prices rose by 0.4 percent nationwide in November and 5.1 percent year over year, but the pace of appreciation is expected to continue to cool off, according to CoreLogic .

Among states, Nevada had the highest annual gain at 11.1 percent, followed by Idaho (11 percent) and Utah (8.8 percent), the company said. Prices in the once, red-hot California market have slowed to a statewide average of 5 percent, and the annual price growth has slowed to 5 percent or less in half of the 50 states.

Only North Dakota (down 2.3 percent) saw prices fall over the 12 months, however.  

Among a sampling of major metros, Las Vegas had the highest annual gain at 11.7 percent, followed by Denver (6.6 percent) and San Francisco (5.9 percent).

CoreLogic said that 35 of the top 100 metros had overvalued markets, where prices were above the long-run sustainable average.

“The rise in mortgage rates has dampened buyer demand and slowed home-price growth,” said Frank Nothaft, chief economist for CoreLogic. The 30-year fixed rate increased to 4.9 percent in November, the highest average since February 2011. “These higher rates and home prices have reduced buyer affordability. Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the [price index],” Nothaft said.

CoreLogic expected that home prices would fall in December by 0.8 percent, and appreciation over the 12 months through November 2019 will slow to 4.8 percent. 


 

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