Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to a just-released report from the National Association of Realtors.
Nationwide, existing-home sales rose 1.5 percent in October from September. Sales are at their highest annual pace since September 2013 and are now above year-over-year levels (2.5 percent) for the first time since last October. In Dallas-Forth Worth, home sales were up sharply at 5.7 percent year-over-year.
The median existing-home price nationwide was $208,300, which is 5.5 percent above October 2013. In D-FW, the median home price was $182,000, also up 5.5 percent. October marked the 32nd consecutive month of year-over-year price gains.
CoreLogic reports that national home prices increased by 12% year-over-year in January. This marks the 23rd consecutive month of year-over-year increases in the CoreLogic Home Price Index.
Nationally, home prices increased 0.9% month-over-month from December. For the past 20 years, the average month-over-month appreciation for January has been 0.2%, and the January 2014 increase was the largest January increase since 2006.
Year-over-year home prices were up in 49 states and the District of Columbia. Only Mississippi showed a price decrease. Nevada led the country with a 22.2% price increase from January 2013, followed closely by California with a 20.3% increase.
In terms of monthly changes, 39 states and the District of Columbia showed increases, with Vermont (+2.7%) and New York (+2.7%) showing the largest increases and New Hampshire (-1.5%) and Iowa (-1%) experiencing the largest decreases.
Texas, Louisiana and Nebraska reached new heights in home prices, and Colorado was within a tenth of a percent of its peak. Conversely, Nevada remained at 40.1% below its peak in 2006, followed by Florida (-36.4%).
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