Americans who became homeowners during the final full month of summer spent slightly more than they would have a year ago had they purchased a property then, based on newly released statistics from a well-known property information services provider.
Including foreclosures, home prices countrywide rose nearly 6.5 percent in August when contrasted with the same period in 2013, CoreLogic reported. It was the 30th month in a row home prices rose year-over-year.
More of the same is forecast for the future when it comes to property values. Prices are projected to jump by two basis points from August into September, CoreLogic revealed, and by more than 5 percent in a year's time.
Mark Fleming, chief economist for the Irvine, California-based data analytics company, indicated that home prices, while increasing, aren't doing so at quite the speed they have in recent past.
"The pace of year-over-year appreciation continues to slow down as real estate markets find more balance," said Fleming. "Home price appreciation reached a peak of almost 12 percent year-over-year in October 2013 and has since subsided to the current pace of 6 percent."
He added that the gradual slowdown in home price appreciation is an encouraging development, particularly for individuals who are on the sidelines, wondering when it's the best time to enter the home buying market.
Biggest price gains observed in Michigan
Home prices in some parts of the U.S. are rising at a faster pace than in others, based on CoreLogic's numbers. For example, home price appreciation in Michigan was up 11 percent, the only state where gains were in the double digits. Prices rose by 9 percent in California, Nevada, and Maine, with a 8.7 percent uptick in West Virginia.
Anand Nallathambi, the firm's CEO and president, pointed out how prices have fared among major metropolitan statistical areas.
"[MSAs] such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity," said Nallathambi.
Because homeowners insurance is typically required when home buyers apply for a loan with a mortgage company, individuals who are new to this form of living often make mistakes with coverage, thinking that how much their property is valued at has an impact on the amount of coverage they should get. The Insurance Information Institute says it's important to remember that what someone pays for their house doesn't have an impact on rebuilding costs. Those who make this mistake may wind up paying more for their premiums than they need to be. What's taken into consideration when pricing out a homeowners policy is how much it would cost to rebuild a residence from scratch should it be damaged during a storm or fire.
A great way to free up more income to help pay down a mortgage is with some tips on how to save on homeowners insurance. The III has a guide that should provide helpful examples of how you can save on premiums.