US home prices rise in October by most in 6 years

US home prices rise in October by most in 6 years

Credit: Getty Images

LOS ANGELES, CA - NOVEMBER 27: A "For Sale" sign is posted in front of a house on November 27, 2012 in Los Angeles, California. According to S&P Index reports, for the month of September home prices in major U.S. cities have risen as much as 3 percent as compared with the same month last year. (Photo by Kevork Djansezian/Getty Images)

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by CHRISTOPHER S. RUGABER

AP

Posted on December 4, 2012 at 10:15 AM

Updated Thursday, Oct 24 at 9:06 PM

WASHINGTON (AP) -- A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.

Core Logic also says prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season.

Prices rose compared with the previous year in all but five states, CoreLogic says.

Steady price increases are fueling the housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further.

 

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