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National home prices rose 0.6 per cent month-over-month in November, and were up 5.2 per cent from a year ago, according to Zillow’s latest Real Estate Market Report. Home prices were up for the 13th straight month and the average home price was $156,200. On an annual basis home prices saw their largest gain since August 2006.
Of the 30 largest metros covered in Zillow’s report, 26 metros saw annual increases in home prices. Phoenix posted the biggest annual jump, with home prices climbing 23.2 per cent.
On a monthly basis, 25 metros posted home price increases and Sacramento reported the biggest gain with a 1.8 per cent increase.
“The housing market recovery we’ve been experiencing throughout 2012 should continue on its own momentum into 2013,” said Zillow Chief Economist Dr. Stan Humphries in a press release.
“Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide. Looking forward, we expect this dynamic to continue, with the welcome result being more underwater borrowers released from negative equity as home values rise.”
The report adds to signs of a turnaround in housing.