House prices in the US have seen a year-on-year rise for the 20th consecutive month, new data has shown.
According to propertywire.com, research from CoreLogic has revealed house price value is continuing to increase but at a slowing rate as the Christmas holidays approach.
Mark Fleming, chief economist for CoreLogic, said that a slowdown isn't necessarily a bad thing.
"Based on our pending HPI (House Price Index), the monthly growth rate is expected to moderate even further in November and December," he stated. "The slowdown in price appreciation is positive for the housing market as almost half the states are now within ten per cent of their respective historical price peaks."
House prices in October rose by 0.2 per cent or 0.4 per cent if distressed house sales (homes sold urgently and often at a loss) aren't counted, reports wsj.com.
Over the year, house prices increased by 11 per cent when distressed house sales aren't taken into account.
Homes in Nevada increased the most, as they experienced growth of 25.9 per cent, closely followed by California (22.4 per cent), Georgia (14.2 per cent), Michigan (14.1 per cent) and Arizona (14 per cent). New Mexico was the only state to see a decline, falling by 0.5 per cent when distressed sales are included.
Photo credit: Daniel Dionne