National News

Jan 15, 2013 12:11 PM by Associated Press

Year-over year US home prices up sharply in Nov.

WASHINGTON (AP) - U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years.

CoreLogic, a private data provider, says prices also rose 0.3 percent in November from October. The month-to-month figures are not seasonally adjusted.

Prices in November were higher than in November 2011 in all but six states. The sharpest increases were in Arizona, Nevada and Idaho. Only 13 of 100 large cities that CoreLogic studies reported year-over-year price declines. That was down from 20 cities that reported year-over-year declines in October.

Steady increases in prices are helping fuel the housing recovery. They're encouraging some people to sell homes and enticing some would-be buyers to purchase homes before prices rise further.

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