NEW YORK (Reuters) - Home prices posted their biggest annual jump in more than six years in October in a sign the housing sector continues to recover, data analysis firm CoreLogic said on Tuesday.
CoreLogic’s home price index rose 6.3 percent compared to October a year ago, the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis, CoreLogic said.
Home prices fell 0.2 percent in October from September but this was due to seasonal factors as the housing market enters the off season, CoreLogic said.
Excluding distressed sales, prices were up 5.8 percent on a yearly basis and rose 0.5 percent month on month.
Homeowners in danger of foreclosure, or in “distress”, often sell their homes at a significantly reduced price.
“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist at CoreLogic, said in a statement.
Of the top 100 Core-Based Statistical Areas measured by population, 17 showed year-over-year declines in October, four fewer than in September.
Reporting by Edward Krudy; Editing by James Dalgleish