Make us your home page
Instagram

U.S. home prices rise most in 6 years

WASHINGTON — A measure of U.S. home prices rose 6.3 percent in October compared with a year earlier, the largest yearly gain since July 2006. The increase adds to signs of a comeback in the once-battered housing market.

Core Logic also said Tuesday that prices declined 0.2 percent in October from September, the second straight month-to-month drop after six consecutive increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season.

Steady price increases are helping fuel a housing recovery by encouraging more homeowners to sell their homes and enticing would-be buyers to purchase homes before prices rise further.

Home values are rising in more states and cities, according to the report. Prices increased in 45 states in October, up from 43 the previous month. The biggest increases were in Arizona, where prices rose 21.3 percent, and in Hawaii, where they were up 13.2 percent.

The five states where prices declined were Illinois, Delaware, Rhode Island, New Jersey and Alabama.

In 100 large metro areas, only 17 reported price declines. That's an improvement over September, when 21 reported declines.

Mortgage rates are near record lows, while rents in many cities are rising. That makes home buying more affordable and the preferred option, pushing up demand.

At the same time, the number of available homes is at the lowest level in 10 years, according to the National Association of Realtors. The combination of low inventory and rising demand also pushes up prices.

Last week, an index measuring the number of Americans who signed contracts to buy homes in October jumped to the highest level in almost six years. That suggests sales of previously occupied homes will rise in the coming months.

Builders, meanwhile, are more optimistic that the recovery will endure. They broke ground on new homes and apartments at the fastest pace in more than four years in October.

Toll Brothers'

profit soars

Toll Brothers says its fiscal fourth-quarter net income soared to $411.4 million from $15 million a year earlier, helped by an income tax benefit of $350.7 million and a 48 percent rise in revenue to $632.8 million. Deliveries for the luxury home builder, which has operations in 20 states including Florida, climbed 44 percent to 1,088 units, while net signed contracts jumped 70 percent to 1,098 units. The average price of homes delivered increased to $582,000 from $565,000 a year earlier. CEO Douglas C. Yearley Jr. cited higher home prices, low interest rates, pent-up demand and improving consumer confidence.

U.S. home prices rise most in 6 years 12/04/12 [Last modified: Tuesday, December 4, 2012 8:25pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Judge throws out $458,000 condo sale, says Clearwater attorney tricked bidders

    Real Estate

    CLEARWATER — Pinellas County Circuit Judge Jack St. Arnold on Monday threw out the $458,100 sale of a gulf-front condo because of what he called an "unscrupulous" and "conniving" scheme to trick bidders at a foreclosure auction.

    John Houde, left, whose Orlando copany was the high  bidder June 8 at the foreclosure auction of a Redington Beach condo, looks in the direction of Clearwater lawyer and real estate investor Roy C. Skelton, foreground,  during a hearing Monday before Pinellas County Circuit Judge Jack St. Arnold.  [DOUGLAS R. CLIFFORD   |   Times ]
  2. Pasco EDC names business incubator head in Dade City, will open second site

    Business

    Pasco County economic development officials are busy reigniting their business start-up resources following the departure earlier this year of Krista Covey, who ran the Pasco Economic Development Council's SMARTStart business incubator in Dade City.

    Andrew Romaner was promoted this summer to serve as program director of the Dade City SMARTStart Entrepreneur Center, a start-up incubator service of the Pasco Economic Development Council. He succeeds Krista Covey, who relocated to Texas for another startup position. [Courtesy of Pasco EDC]
  3. Proposed Tampa tax increase prompts second thoughts about Riverfront Park spending

    Local Government

    TAMPA — Julian B. Lane Riverfront Park has a $35.5 million price tag with something for everyone, including a rowers' boathouse, a sheltered cove for beginning paddlers, an event lawn, a community center with sweeping views of downtown and all kinds of athletic courts — even pickleball! — when it opens …

    Expect the $35.5 million redevelopment of Julian B. Lane Riverfront Park to be a big part of the discussion when the Tampa City Council discusses Mayor Bob Buckhorn's proposed budget and property tax increase this Thursday. LUIS SANTANA   |   Times
  4. Record $417 million awarded in lawsuit linking baby powder to cancer

    Nation

    LOS ANGELES — A Los Angeles jury on Monday ordered Johnson & Johnson to pay a record $417 million to a hospitalized woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene.

    A bottle of Johnson's baby powder is displayed. On Monday, Aug. 21, 2017, a Los Angeles County Superior Court spokeswoman confirmed that a jury has ordered Johnson & Johnson to pay $417 million in a case to a woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene. [Associated Press]
  5. Superior Uniform acquires Los Angeles-based PublicIdentity

    Corporate

    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]