Home prices up 23% for year ended in August

Orange County home prices rose 23 percent in the 12 months ending in August, the biggest annual percentage gain in almost nine years, CoreLogic’s latest Home Price Index shows

August’s price, however, increased just 1.5 percent from July, a sign that the pace of price gains is slowing as the housing market enters its offseason, CoreLogic said.

CoreLogic’s index showed the biggest gain among three home-price reports out for August. DataQuick reported earlier that Orange County house prices jumped 20.7 percent; the California Association of Realtor’s August report showed a 17.1 percent gain.

Nationwide, home prices were up 12.4 percent year over year in August, and they increased in all 50 states, Irvine-based CoreLogic reported. California had the nation’s second-highest home-price appreciation rate – up 23.1 percent, trailing only Nevada, which saw prices jump nearly 26 percent.

Orange County’s gain was one of the highest among U.S. metro areas. The Inland Empire had the nation’s highest rate among large metro areas, with home prices up 23.4 percent in August. Los Angeles County ranked third – after Orange County – with a 22.5 percent increase.

Orange County’s August appreciation rate was the largest since home values rose 25 percent in November 2004. It’s also the 21st straight month of improving home prices, the index shows.

Article compliments of Johnathan Lansner and Jeff Collins, OC Register.

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