Dec 07

Home Prices Post Another Big Gain

Home Prices Post Another Big Gain

Home Prices Post Another Big Gain Image by arztsamui & FreeDigitalPhotos.net

Home Prices Post Another Big Gain Image by arztsamui & FreeDigitalPhotos.net

More housing surveys are showing a rise in home prices, and the latest coming from CoreLogic this week shows values soared to their largest annual increase in more than six years.

CoreLogic says the Home Prices index jumped 6.3 percent in October compared to a year ago, marking the eighth-consecutive increase in national home prices year-over-year. It also marked the largest increase since June 2006.

“The housing recovery that started earlier in 2012 continues to gain momentum,” says Mark Fleming, CoreLogic’s chief economist. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.”

Reduced inventories and increasing buyer demand is helping to contribute to the stability and growth in home prices, says Anand Nallathambi, president and CEO of CoreLogic.

The five states with the highest home-price appreciation in October were:

  • Arizona: +21.3 percent
  • Hawaii: +13.2 percent
  • Idaho: +12.4 percent
  • Nevada: +12.4 percent
  • North Dakota: +10.4 percent

Meanwhile, the five states with the greatest home-price depreciation, according to CoreLogic October housing data, are:

  • Illinois: -2.7 percent
  • Delaware: -2.7 percent
  • Rhode Island: -0.6 percent
  • New Jersey: -0.6 percent
  • Alabama: -0.3 percent

Source: CoreLogic

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