IRVINE, CA-Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3% in December 2012 compared to December 2011, according to CoreLogic, a locally based residential-property information, analytics and services provider. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally.
On a month-over-month basis, including distressed sales, home prices increased 0.4% in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.
“We are heading into 2013 with home prices on the rebound,” said Anand Nallathambi, president and CEO of CoreLogic, in a prepared statement. “The upward trend in home prices in 2012 was broad-based with 46 out of 50 states registering gains for the year. All signals point to a continued improvement in the fundamentals underpinning the US housing-market recovery.”
Excluding distressed sales, home prices increased on a year-over-year basis by 7.5% in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home sales increased 0.9% in December 2012 compared to November 2012.
“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” said Mark Fleming, chief economist for CoreLogic, in the statement. “We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”
As GlobeSt.com previously reported, the average monthly number of labor-market jobs created nationwide between February 2010 and 2012 outpaced the average monthly number of jobs, according to CoreLogic's January MarketPulse report. While job growth lagged behind overall economic growth and did not turn positive until February 2010, the average monthly number of jobs created from February 2010 through November 2012 was 140,000—but the labor market created an average of 150,000 jobs per month, the report says.
Read our update to this story later today to find out which states have the highest home prices in the nation.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
