(Reuters) – U.S. home prices rose for a tenth consecutive month on a year-over-year basis in December, posting their biggest gain in more than six years, data analysis firm CoreLogic said on Tuesday.
CoreLogic’s home price index rose 0.4 percent from the previous month and added 8.3 percent compared to December a year ago. The year-on-year jump marked the biggest increase in the index since May 2006.
Excluding distressed sales, prices were up 7.5 percent on a yearly basis and 0.9 percent compared to the previous month. Homeowners in danger of foreclosure, or in “distress”, often sell their homes at a significantly reduced price.
The near year-long run of improving home prices in most U.S. states has helped cement expectation that the housing market is finally on the mend – all be it at a slower pace during other recoveries – after the 2007-09 financial crisis and recession sent house prices crashing.
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
