US home prices rise 12.4 percent from year ago; Whatcom up 11.2 percent

AP Economics WriterOctober 1, 2013 

WASHINGTON - U.S. home prices climbed 12.4 percent in August from a year ago, fueled by more buyers bidding on a limited supply of houses.

Real estate provider CoreLogic says prices also increased 0.9 percent in August from July. But the gain was half the 1.8 percent increase in July from June. The group said higher mortgage rates and the end of the summer buying season likely slowed the gain.

Prices rose in every state compared with the previous year, and in 99 of the 100 largest cities. Akron, Ohio was the only area to report a decline.

Mortgage rates have risen about a full percentage point since May. Some analysts worry that higher rates could slow home sales.

In Whatcom County home prices, when including distressed sales, increased 11.2 percent in August compared to a year earlier, according to CoreLogic.

On a month-over-month basis, home prices increased by 1.2 percent in August compared to July.

Excluding distressed sales, local year-over-year prices increased by 11.7 percent in August.

Business Editor Dave Gallagher contributed to this report.

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