While home prices are on the rise across the U.S., home prices in Springfield dipped slightly in October, according to Santa Ana, Calif.-based real estate data tracking firm CoreLogic (NYSE: CLGX).
Including distressed sales, home prices in the U.S. increased 6.3 percent in October compared to the same month last year. In Springfield, home prices fell slightly, 0.8 percent, in October, including distressed sales. Compared to September, home prices in Springfield and across the U.S. decreased slightly – by 0.6 percent and 0.2 percent, respectively. Distressed sales, according to CoreLogic, include short sales and real estate owned transactions.
The national trend points to a recovery in home sales, according to a Dec. 4 news release from CoreLogic.
“We are seeing an ongoing strengthening of the residential housing market,” CoreLogic President and CEO Anand Nallathambi said in the release. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.”
Excluding distressed sales, home prices for October increased by 3.3 percent in Springfield compared to October 2011, and increased by 3.9 percent in September compared to the same month last year.
Home prices - excluding distressed sales - also increased nationwide by 5.8 percent in October compared to October 2011. On a month-to-month basis, U.S. home prices increased 0.5 percent in October compared to September, the eighth consecutive month-to-month increase.
Arizona was the state with the highest appreciation in home prices for October, at 21.3 percent, while Illinois and Delaware tied for the highest depreciation, at 2.7 percent. Home prices in Missouri, including distressed sales, increased by 1.3 percent in October, ranking the state No. 39, just ahead of Arkansas and Iowa, Nos. 40 and 41. Kansas ranked No. 26 with a 4 percent increase in home prices.
“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist for CoreLogic, in the release. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation.”
In November, home prices are expected to jump by 7.1 percent across the U.S. compared to the same month last year, according to the release.[[In-content Ad]]
