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ISCOVER
Staff Reporter
The United States housing market is gaining some momentum, according to new research from Core Logic.
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US home prices, including distressed sales, increased on a year-over-year basis by 7.4 per cent in November 2012 compared to November 2011.
The change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis.
On a month-over-month basis, including distressed sales, home prices increased by 0.3 per cent in November 2012 compared to October 2012. The CoreLogic Pending HPI analysis shows that all but six states are experiencing year-over-year price gains.
Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 per cent in November 2012 compared to November 2011.
The analysis also indicates that December 2012 home prices, including distressed sales, are expected to rise by 7.9 per cent on a year-over-year basis from December 2011 and fall by 0.5 per cent on a month-over-month basis from November 2012, reflecting a seasonal winter slowdown.
“For the first time in almost six years, most US markets experienced sustained increases in home prices in 2012,” CoreLogic president and chief executive Anand Nallathambi said.
“We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilisation of the housing market and the positive trend in home price appreciation to continue into 2013.”
