U.S home prices rose 4.6 percent in August — marking largest year-over-year increase since 2006

Oct.October 02, 2012 12:30 PM

Continuing a streak, home prices nationwide and those in the New York City area increased in August, according to a CoreLogic report released today.

The nationwide tally marked a milestone: Home prices, including distressed sales, increased year-over-year in August by 4.6 percent, which is the largest year-over-year climb since July 2006. Month-over-month, home prices inched up 0.3 percent in August. Without distressed sales, home prices saw a 4.9 percent year-over-year increase and a 1 percent month-over-month improvement.

In the New York/White Plains (N.Y.)/-Wayne (N.J.) region, home prices with distressed sales factored in rose by 3.4 percent year-over-year in August; in July, there was a 1.4 percent year-over-year increase. As The Real Deal reported last week, New York was one of three U.S. cities to post a year-over-year decline in July: 2.6 percent, according to the S&P/Case-Shiller Home Price Index. Month-over-month including distressed sales, the index rose 2 percent. Excluding distressed sales, New York City-area prices increased 3.6 percent year-over-year in August and 1 percent month-over-month.

Both including and excluding distressed sales, Arizona saw the highest home price appreciation: 18.2 percent and 13 percent, respectively. Rhode Island saw the greatest depreciation for the same categories: 2.6 percent including distressed sales and 1.7 percent excluding them. — Zachary Kussin

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