Home prices rose 6.3% in October from a year earlier, marking the biggest increase since June 2006, CoreLogic reports.
The gain is the eighth consecutive year-over-year jump in home prices nationally, the company says.
Pricesdipped 0.2% from September. But such decreases are expected as the homebuying market enters the off-season, CoreLogic says.
The housingrecovery "continues to gain momentum," says Mark Fleming, CoreLogicchief economist. The recovery is "broad-based" with almost all marketsexperiencing some appreciation, he says.
The biggest gainers were states that were hit hardest during the downturn or those with strong energy sectors.
Arizona saw prices increase 21% year-over-year; Hawaii, 13%; Idaho and Nevada, 12%; and North Dakota, 10%.
Five states continued to see prices fall.
Illinoisand Delaware posted declines of 2.7% in October from a year ago, thedata show. Rhode Island and New Jersey were down 0.6% and Alabama wasoff 0.3%, CoreLogic says.
Other research firms have also reportedstrengthening prices. September prices were up 3% year-over-year in 20leading cities, Standard & Poor's Case-Shiller index reported lastweek.
Fewer homes for sale are helping prices. In October, thesupply of homes for sale was down 22% from year earlier levels, theNational Association of Realtors says. In October, the nation had just a5.4-month supply of existing homes for sale.
Realtors generallyconsider a six-month supply to be a balanced market, favoring neitherbuyers nor sellers. In some parts of the country, especially in parts ofCalifornia and Arizona, for-sale inventories are much tighter. That'sspurring price increases.
Buyer demand is also improving, helpedwith low interest rates. The average 30-year, fixed rate stood at 3.32%for the week ended Nov. 29, Freddie Mac says.