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’s home price 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:
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Arizona: +21.3 percent
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Hawaii: +13.2 percent
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Idaho: +12.4 percent
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Nevada: +12.4 percent
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North Dakota: +10.4 percent
Source: CoreLogic