clear
Friday September 4th, 2015 1:57AM

Home prices rose in Feb. despite weaker sales

By The Associated Press
WASHINGTON (AP) -- U.S. home prices rose in February from a year earlier at a solid pace, suggesting that a tight supply of available homes is boosting prices despite slowing sales.

Real estate data provider CoreLogic said Tuesday that prices for existing homes rose 12.2 percent in February from a year ago. That was up slightly from January's year-over-year pace of 12 percent.

On a month-to-month basis, prices in February rose 0.8 percent from January. But CoreLogic's month-to-month prices aren't adjusted for seasonal patterns, such as winter weather, which can depress sales.

Snowstorms, rising prices and higher mortgage rates combined to reduce home sales in February to their lowest level in 19 months.

A tight supply is helping boost prices even as sales slow. Sales fell 0.4 percent to a seasonally adjusted annual rate of 4.6 million in February from January, the National Association of Realtors said earlier this month. That sales pace would exhaust the number of available homes in 5.2 months, the Realtors' said - below the six-month supply typically available in healthy markets.

The states with the biggest price gains in the past year were: California, where prices rose 19.8 percent, followed by Nevada, 18.5 percent, and Georgia, 14.2 percent. No states posted a drop in home prices.

Prices in four states reached a record high in February: Colorado, Nebraska, North Dakota and Texas. An additional 22 states are within 10 percent of their previous peaks, CoreLogic says.

Nationwide, average home prices remain 16.9 percent below the peak reached in April 2006, at the height of the housing bubble.

Home sales and construction faltered over the winter, partly because harsh weather discouraged some Americans from venturing out to house-hunt. In addition, the average rate on a 30-year mortgage is about a percentage point more than it was last spring. That means buying costs are up.

Most economists think the housing recovery could pick up once the spring buying season begins, though likely at a slower pace than last year.

But some recent reports haven't been encouraging. A measure of signed contracts fell for the eighth straight month in February. That suggests sales will remain slow in coming months. Signed contracts usually lead to a finished sale in one to two months.

And home construction fell for a third straight month in February. But there was one hopeful sign: Developers applied for the most building permits in four months.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 8 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 8 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 8 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 8 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 8 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 8 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 8 months ago )
Local/State News
With Thomas playing only 1st quarter, No. 16 Georgia Tech routs FCS school Alcorn State 69-6
ATLANTA (AP) — Justin Thomas played only the first quarter for No. 16 Georgia Tech in a season-opening blowout, allowing a couple of newcomers to grab the spotlight.Freshman Marcus Marshall ran for 18...
12:07AM ( 1 hour ago )
Domestic dispute sees Gainesville baby abandoned on Rabbittown roadway
Two Gainesville residents involved in a domestic dispute were arrested Thursday afternoon after they abandoned their baby on the side of a Rabbittown road.
8:37PM ( 5 hours ago )
Report: Dog charged police, prompting gunfire in wrong home
A dog charged police officers who entered the wrong Atlanta home searching for a burglar, prompting gunfire that seriously wounded an officer, injured the homeowner and killed the animal, according to a police report released Thursday.
6:43PM ( 7 hours ago )
Settlement reached for one Hall Co. firefighter injured in 2014 training accident
One of the Hall County firefighters injured in a training accident in July 2014 has reached a settlement with Sutphen Corporation, the company who manufactured the ladder truck that malfunctioned in the accident.
2:52PM ( 11 hours ago )
Ga. students perform better on SAT, national average drops
The Georgia Department of Education (DOE) reported Thursday that Georgia students’ SAT scores for 2015 increased five points, even as the national average dropped seven points.
By AccessWDUN Staff
2:05PM ( 11 hours ago )