News Summary: US home prices rise most in 6 years

AP News
Posted: Nov 06, 2012 4:16 PM

ANNUAL PRICES RISE: U.S. home prices jumped 5 percent in September compared with a year ago, the largest year-over-year increase since July 2006, according to data provider CoreLogic.

MONTHLY PRICES DIP: Prices declined 0.3 percent in September from August, the first drop after six straight increases. The monthly figures are not seasonally adjusted. CoreLogic says the decline reflects the end of the summer home-buying season and not a softening in the recovery.

SUSTAINED RECOVERY: The data suggest the recovery is sustainable. Rising prices encourage more homeowners to sell their homes and entice would-be buyers to purchase homes before prices rise further.