August Home Prices Leap above Last Year

HousingWire reports CoreLogic says in its Pending Home Price Index home prices in August rose 4.6 percent over a year ago, the biggest increase year-over-year since July 2006, but only 0.3 percent over July, 2012. When distressed sales are excluded, August home prices rose 4.9 percent over a year ago. Chief economist for CoreLogic Mark Fleming says, “The housing markets gains are increasingly geographically diverse with only six states continuing to show declining prices.” Single-family home prices spiked 18.2 percent in Arizona from a year ago August, followed by Idaho with a 10.4 percent increase and Nevada which rose nine percent year-over-year. As MHProNews knows, Arizona and Nevada have both had very high foreclosure rates. The five states with the highest price depreciation are Rhode Island, Illinois, New Jersey, Alabama and Connecticut. Says Anand Nallathambi, president and CEO of CoreLogic, “Improving pricing trends over the past few months and our forecast for continued gains in September bode well for a progressive rebound in the residential housing market.”

Photo credit: Joshua Scott/CNNMoney)

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