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November Home Prices Post Highest Gains in 10 Months
Wednesday, January 8, 2020
The pace of home price increases
picked up in November, increasing by 3.7 percent on a year-over-year basis, up
from 3.5 percent in October. CoreLogic said its Home Price Index (HPI) posted a
monthly gain of 0.5 percent, a substantial uptick from the 0.2 percent gain the
prior month. The index, which covers both market and distressed sales, hit a
recent peak of 6.62 percent in April 2018 before beginning a steady slowdown. CoreLogic's chief economist Frank Nothaft said, "The latest
U.S. index shows that the slowdown in home prices we saw in early 2019 ended by
late summer. Growth in the U.S. index quickened in November and posted the
largest 12-month gain since February. The decline in mortgage rates, down more
than one percentage point for fixed-rate loans from November 2018, has
supported a rise in sales activity and home prices.
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