National home prices, including that of distressed homes, climbed 6.3 percent year-over-year in October, rising for the eighth straight month, according to the latest data from CoreLogic. This is the biggest increase since June 2006.
On a monthly basis however home prices declined 0.2 percent.
“We are seeing an ongoing strengthening of the residential housing market,” said Anand Nallathambi, president and CEO of CoreLogic in a press release. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices which is essential to the long term health of the housing market and the broader economy.”
Here are some details from the report:
- Excluding distressed sales, home prices rose 5.8 percent on the year, and 0.5 percent from the last month.
- The pending home price index (HPI) projects that November home prices including distressed sales will rise 7.1 percent on the year, and decrease 0.3 percent on the month.
- Meanwhile, home prices ex-distressed sales are projected to rise 7.4 percent on the year, and 0.5 percent on the month.
- The recovery is “broad-based” and sand (Arizona, Nevada, California) and energy states (North Dakota) are seeing the most home price appreciation.
- “Including distressed sales, the five states with the highest home price appreciation were: Arizona (+21.3 percent), Hawaii (+13.2 percent), Idaho (+12.4 percent), Nevada (+12.4 percent) and North Dakota (+10.4 percent).”
- “Including distressed sales, the five states with the greatest home price depreciation were: Illinois (-2.7 percent), Delaware (-2.7 percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent) and Alabama (-0.3 percent).”
- “Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.6 percent), Hawaii (+12.2 percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California (+9.7 percent).”
- “Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent) and New Jersey (-0.2 percent).”
Here’s a look at the trajectory of home prices since 2002: