The housing market, which plays a critical role in economic recovery, continued to improve in September as home prices rose to their highest level since the beginning of the recession. With rapid appreciation over the summer, many housing markets saw home prices continue to rise in September, though at a slower, steadier growth rate. However, slower growth may lead to a healthier housing market in the long run.
A recent report by CoreLogic found that September marked the 19th consecutive month of home price growth, with a 12 percent increase compared to September 2012. The report predicted that home prices will reach a 12.5 percent increase in October 2013 over the previous year. Five years after the beginning of the housing crisis, home prices are at their highest level.
"September marked the unofficial five-year anniversary of the start of the housing crisis," said CoreLogic's chief economist Mark Fleming. "The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008."
Housing market growth stabilized in September, slowing down the rate of appreciation from the summer months but continuing its upward trend. In September, home prices increased by 0.2 percent from the previous month.
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