Home Prices Continue Rising in November: CoreLogic

House for SaleHome prices rose 7.4% in November compared with the same month a year ago, the largest monthly increase since May 2006 according to research firm CoreLogic (NYSE: CLGX). The firm had previously forecast a rise of 7.1%.

Month-over-month, November prices rose 0.3%, including distressed home sales. Excluding distressed sales November prices rose 0.9% compared with October, and the year-over-year price also rose by 6.7%.

CoreLogic expects December housing prices to rise 7.9% year-over-year and to drop by 0.5% month-over-month as the seasonal slowdown in home sales heads into its third month. Excluding distressed sales, the year-over-year increase for December is forecast at 8.4% and the month-over-month estimate improves to a rise of 0.7%.

The company's chief economist noted:

For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012. We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.

Including distressed sales, home prices rose the most in Arizona (prices up 20.9%), Nevada (14.2%), Idaho (13.8%), North Dakota (11.3%), and California (11.1%). Excluding distressed sales the biggest gains were posted in Arizona (16.3%), North Dakota (12.9%), Nevada (12.6%), Hawaii (11.6%), and Idaho (11.6%).

The CoreLogic press release is available here.

Filed under: 24/7 Wall St. Wire, Housing, Research Tagged: CLGX, featured
Read Full Story


NASDAQ 7,337.39 127.30 1.77%
S&P 500 2,747.30 43.34 1.60%
DJIA 25,309.99 347.51 1.39%
NIKKEI 225 21,892.78 156.34 0.72%
HANG SENG 31,267.17 301.49 0.97%
DAX 12,483.79 21.88 0.18%
USD (per EUR) 1.23 0.00 0.01%
USD (per CHF) 0.94 0.00 0.03%
JPY (per USD) 106.87 0.01 0.00%
GBP (per USD) 1.40 0.00 0.00%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.