US home prices rise 12.4 percent from year ago

By Christopher S. Rugaber

Associated Press

Published: Tuesday, Oct. 1 2013 8:53 a.m. MDT

FILE - In this Wednesday, Aug. 14, 2013, file photo, a home is for sale in San Diego. Private data provider CoreLogic reports on home prices for August on Tuesday, Oct. 1, 2013.

Gregory Bull, File, Associated Press

Enlarge photo»

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.

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