CoreLogic (CLGX) released its September Home Price Index report, revealing that national home prices increased on a year-over-year basis by 5% in September 2012. This represents the seventh consecutive month of annual home prices increase — and the largest year-over-year increase since July 2006.
The pending index analysis indicated that October 2012 home prices, including distressed sales, are predicted to increase 5.7% from October 2011.
Month-over-month, these numbers are down 0.5% from September 2012, suggesting a seasonal slowdown entering the winter months.
“Home price improvement nationally continues to outpace our expectations, growing 5% year-over-year in September, the best showing since July 2006,” said Mark Fleming, chief economist for CoreLogic.
Distressed sales excluding, house price this October are expected to rise 6.3% year-over-year from October 2011 and increase 0.2% month-over-month since September.
“Home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand,” said Anand Nallathambi, CoreLogic CEO. “So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market.”
The HPI analysis shows that all but seven states are experiencing year-over-year price gains: Alabama, Connecticut, Delaware, Illinois, Kentucky, New Jersey and Rhode Island.
Click on the map below to view the 12-month change by state.