Home prices rise in Iowa City, U.S., fall in Cedar Rapids

Housing market paused as expected in November

George Ford
Published: January 9 2014 | 10:30 am - Updated: 29 March 2014 | 1:51 am in
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Average home prices increased in Iowa City and the nation, but slipped lower  in Cedar Rapids in November, according to data from CoreLogic, an Irvine, Calif.,  residential property information, analytics and services provider.

Iowa City home prices, including distressed sales, increased by 4.8 percent in November compared with November 2012. Excluding distressed sales, year-over-year prices increased by 4.3 percent in November compared with November 2012.

On a month-over-month basis, home prices, including distressed sales, decreased by 0.5 percent in November compared with October. On a month-over-month basis, excluding distressed sales, home prices decreased by 0.7 percent in November compared with the previous month.

Cedar Rapids home prices, including distressed sales, declined by 0.2 percent in November compared with the same month in 2012. Excluding distressed sales, year-over-year prices increased by 0.2 percent in November compared with November 2012.

On a month-over-month basis, home prices including distressed sales decreased by 0.1 percent in November, compared with October. On a month-over-month basis, home prices -- excluding distressed sales -- decreased by 0.2 percent in November compared with the previous month.

Home prices nationwide, including distressed sales, increased 11.8 percent in November compared with the same month in 2012. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 0.1 percent in November compared with October.

Excluding distressed sales, home prices increased 0.3 percent month over month in November compared with October. On a year-over-year basis, home prices, excluding distressed sales, increased by 10.4 percent in November compared with November 2012.

Mark Fleming, chief economist for CoreLogic, said the housing market paused as expected in November for the holiday season with very low month-over-month appreciation.

"Year-over-year home prices are up an impressive 11.8 percent," Fleming said. "Our pending home price index projects that home prices will grow by 11.5 percent for the full year 2013. That will make 2013 the best year for home-price appreciation since 2005."

Anand Nallathambi, president and CEO of CoreLogic, noted that on a year-over-year basis, home prices appreciated every month in 2013.

"Twenty-one states and the District of Columbia are now at or within 10 percent of their peaks," Nallathambi said. "The outlook for 2014 looks less robust as regulatory complexities and tight credit can be expected to cool the housing market."

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