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2013-02-26 16:34:05
Home Prices Post Biggest Gain in Six Years

Home Prices Post Biggest Gain in Six Years

Home prices rose 8.3% in December from a year earlier, the biggest gain since May 2006, according to CoreLogic.

All but four states -- Pennsylvania, New Jersey, Illinois and Delaware -- posted increases.

Prices rose 0.4% in December from November, the 10th consecutive monthly advance.

Excluding foreclosures and short sales, which sell at deep discounts to the market price, home prices were up 7.5% on a year-on-year basis and 0.9% month-on-month.

The states with the highest home-price appreciation in December were Arizona (20%), Nevada (15.3%), Idaho (14.6%), California (12.6%) and Hawaii (12.5%).

'We are heading into 2013 with home prices on the rebound,' said Anand Nallathambi, president and CEO of CoreLogic. 'All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.'

Housing appears to have some momentum, with prices expected to rise 7.9% in January from a year earlier, according to Core Logic's Pending Home Sales Index. Month over month, prices are likely to decline by 1%, reflecting the seasonal winter slowdown.

Excluding foreclosures and short sales, which sell at deep discounts to market prices, home prices are likely to rise 8.6% on a year-on-year basis and 0.7% on a month-on-month basis in January.

 
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