By CHRISTOPHER S. RUGABER AP Economics Writer
WASHINGTON September 4, 2012 (AP)
U.S. home prices jumped 3.8 percent in the 12 months ending in July,
according to a private real estate data provider. The year-over-year
increase was the biggest in six years, further evidence that the housing
market is steadily recovering.
CoreLogic said Tuesday that home prices also rose 1.3 percent in July
from June. That's the fifth straight increase in both the monthly and
year-over-year price indexes.
The index is the third national measure to show steady increases. The
Standard & Poor's/Case-Shiller index posted its first annual
increase in nearly two years last week. And a federal government housing
agency has also reported annual increases.
The states with the biggest gains according to CoreLogic over the past
12 months were Arizona, Idaho, Utah, South Dakota and Colorado. In
Arizona, prices have risen 16.6 percent since July 2011. Idaho has
posted a 10-percent gain in that time.
But not all states are seeing increases. In Delaware, prices dropped 4.8
percent in the 12-month period. Prices fell 4.6 percent in Alabama in
that stretch.
The housing market has been slowly recovering this year. Sales of new
and previously occupied homes are up. Builders are more confident and
starting work on more homes. And mortgage rates are near their lowest
levels of the past six decades.
Prices are also rising because the supply of available homes remains tight.
Still, the housing market's recovery is just beginning. Prices remain 27 percent below their peak in April 2006, CoreLogic said.
The recent improvements have been widespread. Out of 100 large cities
tracked by CoreLogic, only 23 posted year-over-year declines in July.
That's four fewer than in June.
