Measure of U.S. Home Prices Rises by Most in 6 Years
A measure of U.S. home prices jumped 4.6% in August compared with a year ago. It marks the largest year-over-year increase in more than six years.
Real estate information provider CoreLogic says prices also rose 0.3% in August from July, the sixth straight monthly gain.
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.
CoreLogic says among 100 cities tracked, only 20 showed price declines in the 12 months ending in August. That's compared with 26 declining in July.
It also reports some prices in the Reno-Sparks area rose by 9.2% in August of this year compared to this same time last year. On a month-over-month basis, home prices increased by 2.6% in August 2012 compared to July 2012.
The broader economy should benefit from rising home values. When prices rise, people typically feel wealthier and spend more. And more Americans are likely to put their houses up for sale, which could further energize the market. (AP)
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