WASHINGTON -- Home prices increased 6.3% in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.
Prices dipped 0.2% in October from September, but such a drop was expected at the end of the home-selling season, the firm said Tuesday.
October marked the eighth straight month of year-over-year prices increases and added to recent evidence of growing strength in the housing market. CoreLogic reported Monday that foreclosures were down 17% in October from a year earlier.
"The housing recovery that started earlier in 2012 continues to gain momentum," said Mark Fleming, CoreLogic's chief economist. "The recovery is geographically broad-based with almost all markets experiencing some appreciation."