Measure of US home prices rises by most in 6 years
WASHINGTON (AP) — A measure of U.S. home prices jumped 4.6 percent in August compared with a year ago, the largest year-over-year increase in more than six years.
CoreLogic, a private real estate data provider, also said Tuesday that prices rose 0.3 percent in August from July, the sixth straight monthly gain.
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.
Other measures of home prices have also increased. The Standard & Poor's/Case Shiller index rose in July compared with a year ago, the second straight yearly increase after two years of declines. And an index compiled by a federal housing regulator has also reported annual increases.
Housing prices are rising in most areas, according to CoreLogic. Only 20 large cities out of 100 tracked showed declines in the 12 months ending in August. That compared with 26 in July.
"The housing market's gains are increasingly geographically diverse with only six states continuing to show declining prices," said Mark Fleming, chief economist for CoreLogic.
States with the biggest price increases in the past 12 months were Arizona, Idaho, Nevada, Utah and Hawaii. Prices soared 18.2 percent in Arizona, partly because the supply of homes for sale is low and foreclosure sales have slowed. Prices have risen 10.4 percent in Idaho.