Home Prices Gain 12% Year-Over-Year in September

Home Prices Gain 12% Year-Over-Year in SeptemberFive years after the housing meltdown erupted, home prices continue to strengthen, with September seeing a 12 percent jump year-over-year, according to CoreLogic’s latest update released Tuesday.
Month-over-month, home prices increased by 0.2 percent in September compared to August — including distressed sales.
If you exclude distress sales, home prices gained 10.8 percent year-over-year in September. On a month-over-month basis, home prices edged up 0.3 percent in September compared to August, without distressed sales included factored in.
“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Dr. Mark Fleming, chief economist for CoreLogic. “The five-year home price appreciation for all homes in the nation was 3.4%. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008.”
Looking ahead, CoreLogic projects that October 2013 home prices, including distressed sales, will rise  12.5% from October 2012.
Including distressed sales, the top five states with the highest home-price increases were Nevada, California, Arizona, Georgia and Michigan at 25.3 percent, 22.5 percent, 14.6 percent, 14.4 percent and 13.9 percent, respectively. Including distressed sales, no states posted home price depreciation in September.
“We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term,” said Anand Nallathambi, president and CEO of CoreLogic.

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