Measure of home prices rises by most in 6 years

CoreLogic data gives evidence of recovery

WASHINGTON — A measure of U.S. home prices jumped 5 percent in September compared with a year ago, the largest year-over-year increase since July 2006. The gain reported by CoreLogic offered more evidence of a sustainable housing recovery.

The real estate data provider also said Tuesday that prices declined 0.3 percent in September from August, the first drop after six-straight increases. The monthly figures are not seasonally adjusted. CoreLogic says the monthly decline reflects the end of the summer home-buying season and not a softening in the housing recovery.

Steady price increases should give the housing market more momentum when home sales pick up in the spring.

Rising prices encourage more homeowners to sell their homes and entice would-be buyers to purchase homes before prices rise further.

Other measures also have shown healthy gains in home prices over the past year. The Standard & Poor's/Case Shiller 20-city index increased 2 percent in August compared with a year ago, a faster pace than the previous month.

The price gains in the past year reported by CoreLogic were widespread. Prices have risen in all but seven states. And they declined in only 18 out of 100 large cities that are tracked by the index.

Some of the biggest increases were in states that suffered the worst from the housing bust, such as Arizona and Nevada.


Reader Reaction
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Rules. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.
COUPON OF THE WEEK