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Inland Empire No. 2 in home price growth

Prices show biggest jump in 6 years in October

WASHINGTON • Home prices increased 6.3 percent in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.

The Phoenix-Mesa-Glendale area in Arizona had the largest year-over-year price increase of any metro area, at 24.5 percent. The Riverside-San Bernardino-Ontario metro area was second at 7.3 percent. And the Los Angeles area was fourth at 6.4 percent.

Prices dipped 0.2 percent in October from September, but such a drop was expected at the end of the home-selling season, the firm said Tuesday.

October marked the eighth straight month of year-over-year prices increases and added to recent evidence of growing strength in the housing market. CoreLogic reported Monday that foreclosures were down 17 percent in October from a year earlier.

“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, CoreLogic’s chief economist. “The recovery is geographically broad-based with almost all markets experiencing some appreciation.”

Home prices increased 21.3 percent in Arizona, the most of any state. California saw a 9 percent increase. Prices increased from October 2011 in all but five states — Alabama, Delaware, Illinois, New Jersey and Rhode Island.

Excluding foreclosures and other distressed sales, home prices nationally increased 5.8 percent in October from a year earlier. Those prices were up 0.5 percent from September, the eighth straight monthly gain.


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