The nation’s home prices notched up slightly in November as the U.S. housing market continues to recover, according to a national index.
The Federal Housing Finance Agency said Wednesday its House Price Index has not fallen month-to-month since January 2011. The agency said prices rose 0.6% on a seasonally adjusted basis in November, and jumped 5.6% when compared to a year earlier.
Home prices in the Pacific region rose 1.7% in November compared to the previous month, while prices jumped 11.1% compared to November 2011.
A decline in foreclosures has helped prices continue their rise.
Real estate data firm CoreLogic said this month the number of completed foreclosures nationwide fell 23 percent in November when compared to a year earlier. Real Estate firm DataQuick said Wednesday that notices of default in California dropped 37.9% in the fourth quarter when compared to the same period the previous year. That notice is the first formal step filed in the state’s foreclosure process.