Biggest Jump in Home Prices Since October 2006

CoreLogic®, a financial, property and consumer data research company, just announced that U.S. home prices rose more than 6 percent in October for the eighth consecutive month of year-over-year increases. All but five states had home price appreciation. The increase was recorded despite that fact that home prices actually declined .2 percent in October as compared to the prior month. CoreLogic predicts further declines as the housing market enters its slow season, but, excluding distressed sales, the company forecasts more than a 7 percent increase, year-over-year, in November.

U.S. home prices rose more than 6 percent in October

Image by Squirrel83 at Flickr

CoreLogic® uses Multiple Listing Service reports as the source for its Home Price Index data. The eight months of year-over-year increases includes distressed sales. The annual increase, excluding distressed sales, was 5.8 percent. Arizona had the highest home price appreciation (+21.3 percent – including distressed sales) and (+16.6 excluding distressed sales). Only three states (excluding distressed sales) experienced home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent) and New Jersey (0.2 percent).

CoreLogic®’s chief economist, Marc Fleming, noting the continuing gain in housing market recovery momentum, observed that home price appreciation has a broad geographical base though “sand and energy states” are experiencing “the most robust appreciation” with “some judicial foreclosure states…recording increasing prices.”

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