Home Prices Show Biggest Jump in 6 Years in October!

Home Prices Show Biggest Jump in 6 Years in October!

 
Home prices increased 6.3% in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.
 
Prices dipped 0.2% in October from September, but such a drop was expected at the end of the home-selling season, the firm said Tuesday.

October marked the eighth straight month of year-over-year price increases and added to recent evidence of growing strength in the housing market. CoreLogic reported Monday that foreclosures were down 17% in October from a year earlier.

“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, CoreLogic’s chief economist. “The recovery is geographically broad-based with almost all markets experiencing some appreciation.”

Home prices increased 21.3% in Arizona, the most of any state. California saw a 9% increase. Prices increased from October 2011 in all but five states — Alabama, Delaware, Illinois, New Jersey, and Rhode Island.
 
The Phoenix-Mesa-Glendale area in Arizona had the largest year-over-year price increase of any metro area, at 24.5%. The Riverside-San Bernardino-Ontario metro area was second at 7.3%. And the Los Angeles area was fourth at 6.4%.

Excluding foreclosures and other distressed sales, home prices nationally increased 5.8% in October from a year earlier. Those prices were up 0.5% from September, the eighth straight monthly gain.
 
 
 

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