LOS ANGELES — Home prices nationwide are recovering, making their largest leap in more than six years in August, according to a new report.
Prices soared 4.6 percent in August from the same month last year, the biggest year-over-year increase since July 2006, according to real estate data provider CoreLogic in Irvine, Calif.
And the gauge rose 0.3 percent from July for its sixth straight monthly increase.
All but six states are experiencing the gains, with only 20 of 100 major cities showing price depreciation, according to CoreLogic. In July, 26 major metro areas experienced slumps.
The overall increase is magnified by factoring out the weight of distressed sales, including short sales and foreclosures, CoreLogic said. The measure jumped 4.9 percent year over year and was up 1 percent from July.
The surging prices “bode well for a progressive rebound in the residential housing market," said CoreLogic Chief Executive Anand Nallathambi.