Home values continue to rise across the U.S. as more real estate recoveries take hold in key markets such as Arizona and Nevada.
“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist for CoreLogic. “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.”
Home prices, including the sale of distressed properties, rose 6.3% over last year in October, according to CoreLogic’s latest Home Price Index (HPI) report on home values. This jump marks the largest increase since June of 2006 and is the eighth consecutive year-over-year increase recorded by the data analytics firm.
The standout state continued to be Arizona, with home prices rising 21.3% over last year. Arizona was the only state with appreciation levels in the 20-plus percent range and was trailed by Hawaii (13.2% increase); Idaho (12.4% increase); Nevada (12.4% increase); and North Dakota (10.4% jump).
When including distressed sales, home prices from September to October edged up a slight 0.2% nationally, according to CoreLogic.
When excluding the distressed property transactions, home prices nationwide still grew 5.8% over last year, suggesting a recovery is in store with or without the influence of foreclosures.
The states with the most price depreciation when excluding distressed sales included Delaware (a 2.1% drop); Alabama (-1.5%); and New Jersey (-0.2).
