Home Prices Show Biggest Jump in 6 Years

Dec. 7, 2012 - PRLog -- Los Angeles -- Home prices increased 6.3 percent in October from a year earlier, the biggest year-over-year gain since 2006, according to CoreLogic.

California saw a 9% increase in prices in October 2012 from a year ago. 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 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."

“We are seeing an ongoing strengthening of the residential housing market,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “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 broader economy.”

“With inventories shrinking nationwide and hovering at historic lows, homes are selling faster in many parts of the country. Lower inventories, combined with somewhat higher median list prices, suggest that the housing market ending the 2012 home-buying season is in better shape than it was a year ago,” offers another confirming opinion by Realtor.com.