US house prices slipped back by a marginal 0.1% in August – but are still trending up on year-to-year values.
Although prices nudged down after rising for nine months in a row, the annual increase is still 1.7%.
The falls were in major cities, like Chicago, down 0.7%, New York down 0.3% and Boston down 0.2%, while Phoenix prices rose 1.6% and Miami-Fort Lauderdale reported a 1% rise.
Rents were also up, according to the monthly prices and rental report from property portal Zillow.
Although house prices fell in the big cities, rents were on the up with year-on-year increases in Chicago of 12.8%, 12.4% in Baltimore and 10.5% in Philadelphia.
No alarm over blip in prices
“Home values took a small hit in August, but this shouldn’t be cause for alarm. The back half of the year is always softer than the front half, and this year is no exception,” said Zillow chief economist Stan Humphries.
“We’ve been encouraging folks to focus on the longer term trends and not monthly blips. Home values will rise a little and fall a little, month by month, in the near future, but we believe the overall trend will remain positive albeit still below normal rates of appreciation.”
Foreclosures also returned good news – with the rate continuing to drop to six out of 10,000 homes from 6.4 out of every 10,000 in July.
Meanwhile, a separate house price report from the Miami Association of Realtors showed prices were up for the ninth month in a row.
Average sale prices of Miami-Dade condo, were up 28.4% compared with 12 months earlier to $146,500 (£90,200), while family home values increased 10.8% to $195,000 (£120,000).
Overseas buyers boost Miami sales
A 7% rise in the number of property sales is attributed to interest mostly from overseas buyers.
“Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation,” said a spokesman.
“There is evident demand for Miami properties, particularly from foreign buyers and investors who recognize Miami’s desirability and profitability. Miami remains the top market for foreign buyers in the nation, and local international activity continues to grow.”
“Miami’s firm position as a major global city is expected to continue to draw demand long into the future, as businesses, residents, visitors and tourists, investors, and vacation and second homebuyers take advantage of all that our vibrant and unique city has to offer.”
