Industry NewsMarkets & Economy

Home prices post strongest growth in 6 years

CoreLogic pending index predicts trend will continue into September

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National home prices were up 4.6 percent from a year ago in August, the biggest annual increase since July 2006, according to data aggregator CoreLogic's home price index. The repeat sales index showed home prices also rose 0.3 percent in August from July, marking the sixth consecutive month of both month-over-month and year-over-year increases.All U.S. states but six showed home price gains in August. The five states with the highest annual price appreciation were Arizona (18.2 percent), Idaho (10.4 percent), Nevada (9 percent), Utah (8.9 percent) and Hawaii (8 percent).Another CoreLogic index based on multiple listing service data, the CoreLogic Pending HPI, predicts that September will extend the monthly string of home price gains with a 6.3 percent year-over-year increase from September 2011."Sustained economic recovery in the U.S. requires a healthy housing market. You cannot have a healthy housing market without price stabilization and ultimately home price appreciati...