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Despite Surging Home Sales, Recovery Still Slow

IRVINE, CA-Industry research shows that nationwide homes sales rose 22% and prices rose 8.4% in October, yet foreclosure activity increased, proving the road to full recovery is still long.

By Carrie Rossenfeld | Updated on November 16, 2012

IRVINE, CA-National home prices in October were 8.4% higher than a year earlier, while month-over-month prices inched up 0.4%, according to Redfin Real-Time Price Tracker, a monthly report on home prices, sales and inventory across 19 US markets. The Tracker also reports that home prices in October increased 8.4% year over year and were up 0.4% month over month.

As GlobeSt.com reported last week, home prices nationwide, including distressed sales, increased on a year-over-year basis by 5% in September compared to September 2011, according to a report by CoreLogic, a provider of information, analytics and business services here. The change represents the biggest increase since July 2006 and the 7th consecutive increase in home prices nationally on a year-over-year basis.

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