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.