National home prices including distressed sales were up 7.4 percent year-over-year (YoY) in November, the biggest increase since May 2006. This is according to CoreLogic's latest home price report. On a month-over-month (MoM) basis, prices were up 0.3 percent.
What's more, the geographical distribution of home price increases was strong, with all but six states posting annual increases.
Excluding distressed sales home prices were up 6.7 percent YoY and 0.9 percent MoM.
And October's data was revised up with home prices rising 6.7 percent from the previous reading of 6.3 percent.
“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic in a press release. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”
Here are some details from the report:
- Including distressed sales, the five states with the biggest home price increases were Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).
- Ex-distressed sales the five states with the biggest price gains were: Arizona (+16.5 percent), North Dakota (+12.9 percent), Nevada (+12.6 percent), Hawaii (+11.6 percent) and Idaho (+11.6 percent).
- Including distressed sales, the five states that saw home prices decline the most were: Delaware (-4.9 percent), Illinois (-2.2 percent), Connecticut (-0.5 percent), New Jersey (-0.5 percent) and Rhode Island (-0.3 percent). Ex-distressed sales only Delaware and Alabama reported decreases in home prices.
- Nevada was the state that saw the largest decline in home prices from its peak at -52.9 percent.
- The forward looking December home price index including distressed sales are projected to rise 7.9 percent YoY and decline 0.5 percent MoM because of a seasonal slowdown. Ex-distressed sales home prices are set to rise 8.4 percent YoY and 0.7 percent MoM.
Here's a look at trajectory of home prices since 2002:
