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Home prices rise in December, largest increase since 2006

February 05, 2013|By Andrew Khouri
  • A home for sale in Leucadia, Calif. National home prices rose 8.3% in December compared with a year earlier  the largest increase in more than six years, according to a report.
A home for sale in Leucadia, Calif. National home prices rose 8.3% in December… (Gregory Bull / Associated…)

National home prices rose 8.3% in December compared with a year earlier — the largest increase in more than six years, according to a report released Tuesday.

The 8.3% jump compared to December 2011 was the largest increase since May 2006, according to data from Irvine-based CoreLogic. It was also the 10th straight month of year-over-year increases.

“We are heading into 2013 with home prices on the rebound," CoreLogic Chief Executive Anand Nallathambi said in a statement. "All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery."

Prices rose 0.4% in December compared with the previous month, the real estate data firm said.

Quiz: How much do you know about mortgages?

Only four states saw declines in home prices year over year: Pennsylvania, New Jersey, Illinois and Delaware. Home prices have risen lately amid tightening supply and a decline in foreclosures. 

California saw home prices rise 12.6% compared with December 2011, the fourth largest statewide increase. Prices jumped 20.2% in Arizona, 15.3% in Nevada and 14.6% in Idaho.

In the Los Angeles-Long Beach-Glendale market, home prices increased 9.8% in December compared with a year earlier.

The price data include sales of foreclosures and other distressed properties. When those sales are excluded, prices rose 7.5% nationwide in December on a year-over-year basis.

ALSO:

New home sales slip in December

Home price rise fuels fear of boom mentality

Blogger keeps finger on the pulse of housing market

andrew.khouri@latimes.com

@khouriandrew

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