Home prices show biggest jump in 6 years in October
WASHINGTON -- 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 prices 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.
The view from Sacramento
For reporting and exclusive analysis from bureau chief John Myers, get our California Politics newsletter.
You may occasionally receive promotional content from the Los Angeles Times.