Home prices show 12.4 percent increase
WASHINGTON (AP) — 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.