Home prices rose 6.3% in October 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, October prices fell 0.2%, including distressed home sales. Excluding distressed sales October prices rose 0.5% compared with September, and the year-over-year price also rose by 5.8%.
CoreLogic expects November housing prices to rise 7.1% year-over-year and drop by 0.3% month-over-month as the seasonal slowdown in home sales heads into its second month. Excluding distressed sales, the year-over-year increase for November is forecast at 7.4% and the month-over-month estimate improves to a rise of 0.5%.
The company’s chief economist noted:
The housing recovery that started earlier in 2012 continues to gain momentum. The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.
Including distressed sales, home prices rose the most in Arizona (prices up 21.3%), Hawaii (13.2%), Idaho (12.4%), Nevada (12.4%),and North Dakota (10.4%). Excluding distressed sales the biggest gains were posted in Arizona (16.6%), Hawaii (12.2%), Nevada (10.8%), Idaho (9.7%), and California (9.7%).
The CoreLogic press release is available here.