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US Home Prices Rise in October by Bost in 6 Years

New Home Sales Increase Despite Rising Mortgage Rates
Justin Sullivan/Getty Images

WASHINGTON (AP) – A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.

Core Logic also says prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season.

Prices rose compared with the previous year in all but five states, CoreLogic says.

Steady price increases are fueling the housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further.

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Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

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