Home prices drop for first time in months

Los Angeles Times /

After six straight months of gains, nationwide home prices fell 0.3 percent in September from the month before, tamped down by low prices on distressed properties.

But compared with the same month a year ago, prices for single-family homes are up 5 percent, according to CoreLogic. That’s the largest boost since July 2006 and the seventh straight year-over-year increase.

Arizona led all states in price appreciation in September with an 18.7 percent upswing, followed by 13.1 percent in Idaho and 11 percent in Nevada. Rhode Island prices tumbled the most, sliding 3.5 percent.

“So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market,” said CoreLogic CEO Anand Nallathambi.

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