National home prices including distressed sales were up 7.4 per cent year-over-year (YoY) in November, the biggest increase since May 2006. This is according to CoreLogic’s latest home price report. On a month-over-month (mum) basis, prices were up 0.3 per cent.
What’s more, the geographical distribution of home price increases was strong, with all but six states posting annual increases.
Excluding distressed sales home prices were up 6.7 per cent YoY and 0.9 per cent mum.
And October’s data was revised up with home prices rising 6.7 per cent from the previous reading of 6.3 per cent.
“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic in a press release. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilisation of the housing market and the positive trend in home price appreciation to continue into 2013.”
Here are some details from the report:
- Including distressed sales, the five states with the biggest home price increases were Arizona (+20.9 per cent), Nevada (+14.2 per cent), Idaho (+13.8 per cent), North Dakota (+11.3 per cent), California (+11.1 per cent).
- Ex-distressed sales the five states with the biggest price gains were: Arizona (+16.5 per cent), North Dakota (+12.9 per cent), Nevada (+12.6 per cent), Hawaii (+11.6 per cent) and Idaho (+11.6 per cent).
- Including distressed sales, the five states that saw home prices decline the most were: Delaware (-4.9 per cent), Illinois (-2.2 per cent), Connecticut (-0.5 per cent), New Jersey (-0.5 per cent) and Rhode Island (-0.3 per cent). Ex-distressed sales only Delaware and Alabama reported decreases in home prices.
- Nevada was the state that saw the largest decline in home prices from its peak at -52.9 per cent.
- The forward looking December home price index including distressed sales are projected to rise 7.9 per cent YoY and decline 0.5 per cent mum because of a seasonal slowdown. Ex-distressed sales home prices are set to rise 8.4 per cent YoY and 0.7 per cent mum.
Here’s a look at trajectory of home prices since 2002: