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U.S. home sale prices in October continue a 32-month trend in year-over-year increases, with October 2014 prices showing an increase of 6.1% nationwide compared to October 2013, according to the CoreLogic Home Price Index. All 50 states show a year-over-year home price increase, and foreclosure inventory is down 26.4% nationally during the same period. Michigan led the country with a 10.5% home sale price increase from October 2013. South Dakota, with a 10.4% increase, was a close second.
In the short term, prices increased by 0.5% nationwide between October and September. This shows a slight upturn in the rate at which home prices have been increasing month to month. In nine states – Colorado, Louisiana, Nebraska, New York, North Dakota, South Dakota, Tennessee, Texas and Wyoming – prices hit all-time highs.
Construction of new homes fell in October by 2.8%, although building permits rose 4.8% as developers continued a trend toward building multifamily buildings, according to the U.S. Commerce Department.
“Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery,” notes David Crowe, the chief economist of the National Association of Home Builders.