- Gentlemen, start your drones: Judge’s ruling opens door for commercial use
- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
- ‘In Jesus name, we pray’ sparks ire at Ohio council meeting
- Navy’s first laser weapon ready for prime time; drone killer to deploy this summer
- Billionaire backer: Rick Santorum ‘needs to be heard’ in 2016
- Obamacare fallout: 49 percent pessimistic; 45 percent ‘scared’
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- Seattle socialist: Minimum-wage discussion skewed by ‘right-wing’ GAO analysis
Measure of U.S. home prices rises the most in 6 years
WASHINGTON (AP) — A measure of U.S. home prices jumped 5 percent in September compared with a year ago, the largest year-over-year increase since July 2006. The gain, reported by CoreLogic, offered more evidence of a sustainable housing recovery.
The real estate data provider also said Tuesday that prices declined 0.3 percent in September from August, the first drop after six straight increases. The monthly figures are not seasonally adjusted. CoreLogic says the monthly decline reflects the end of the summer home-buying season and not a softening in the housing recovery.
Steady price increases should give the housing market more momentum when home sales pick up in the spring. Rising prices encourage more homeowners to sell their homes and entice would-be buyers to purchase homes before prices rise further.
Other measures also have shown healthy gains in home prices over the past year. The Standard & Poor’s/Case Shiller 20-city index rose 2 percent in August compared with a year ago, a faster pace than the previous month.
The price gains in the past year reported by CoreLogic were widespread. Prices have risen in all but seven states, and they declined in only 18 of 100 large cities that are tracked by the index.
Some of the biggest increases were in states that suffered the worst from the housing bust. Home prices in Arizona jumped 18.7 percent in the past year, the most of any state. Home prices in Idaho rose 13.1 percent, the second largest. Nevada’s home values rose 11 percent.
Home prices jumped 22.1 percent in Phoenix, the metro area with the biggest gain. Prices in Houston rose 6.6 percent, the second-highest increase.
The states with the biggest drops were Rhode Island (3.5 percent) and Illinois (2.3 percent).
CoreLogic’s price index is based on repeat sales of the same homes and tracks their price changes over time.
Several reports last month showed that the housing market is improving, though from depressed levels.
Homebuilders started construction on new homes and apartments at the fastest pace in more than four years in September. They also requested the most building permits in four years, a sign that many are confident that home sales gains will continue.
New-home sales jumped last month to the highest annual pace in the past 2½ years. Sales of previously occupied homes dipped in September but have risen steadily in the past year.
Sales of both new and previously occupied homes are still below levels that are consistent with a healthy housing market. That’s partly because the supply of available homes for sale remains low, and many prospective home buyers are struggling to qualify for a mortgage or scrape together the bigger down payments that many banks are requiring.
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- SAUERBREY: Taxing Marylanders until they flee
- Bill Clinton cashes in on struggling nonprofit hospital
- 'Blarney Blowout' near UMass results in 73 arrests; 4 officers injured
- Russias Putin nominated for Nobel Peace Prize
- 80 people publicly executed across North Korea for films, Bibles
- Vietnam says it may have found door of missing Malaysian jet as intel look into stolen passports
- Bill Clinton poses for photo with Bunny Ranch prostitutes
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again