Home prices rose 5% in September compared with the same month a year ago, the largest monthly increase since June 2006 according to research firm CoreLogic (NYSE: CLGX). Month-over-month, however, September fell 0.3% compared with August, including distressed home sales. Excluding distressed sales September sales rose 0.5% compared with August, and the year-over-year sales also rose by 5%.
CoreLogic expects October housing prices to rise 5.7% year-over-year and drop by 0.5% month-over-month as the seasonal slowdown in home sales begins. Excluding distressed sales, the year-over-year increase for October is forecast at 6.3% and the month-over-month estimate improves to a rise of 0.2%.
The company’s chief economist noted:
While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases. Gains are particularly large in former housing bubble states and energy-industry concentrated states.
Including distressed sales, home prices rose the most in Arizona (prices up 18.7%), Idaho (13.1%), Nevada (11%), Hawaii (8.9%), and Utah (8.7%). Excluding distressed sales the biggest gains were posted in Arizona (14%), Idaho (10.5%), Nevada (9.5%), Montana (8.5%) and California (8.4%).
The CoreLogic press release is available here.