State and Nation Business

Home prices up sharply in November

WASHINGTON – U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years.

CoreLogic, a private data provider, says prices also rose 0.3 percent in November from October. The month-to-month figures are not seasonally adjusted.

Prices in November were higher than in November 2011 in all but six states. The sharpest increases were in Arizona, Nevada and Idaho. Only 13 of 100 large cities that CoreLogic studies reported year-over-year price declines. That was down from 20 cities that reported year-over-year declines in October.

Steady increases in prices are helping fuel the housing recovery. They're encouraging some people to sell homes and enticing some would-be buyers to purchase homes before prices rise further.

Loading more

Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.