September saw the largest year-over-year increase in home prices since July 2006 and was the seventh consecutive month that showed a year-over-year increase, according to data released Tuesday by CoreLogic.
Nationwide, home prices were up 5 percent over September 2011, according to the business analytics firm's numbers.
That increase includes distressed sales and is derived from a "repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes," according to a statement from CoreLogic.
The firm expects twelve-month increases to continue in October, projecting that home prices accross the U.S. during last month were 5.7 percent higher than October 2011.
"Home price improvement nationally continues to outpace our expectations," said Mark Fleming, chief economist for CoreLogic. "Most states are exhibiting price increases. Gains are particularly large in former housing bubble states and energy-industry concentrated states."
In Maryland, home prices were up 2.5 percent in September on a year-over-year basis, CoreLogic said.
Home prices in the Baltimore metro area increased at a lesser rate than the state and nation, CoreLogic concluded. In and around Baltimore, home prices were 1.5 percent higher September than in September 2011.
"Home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand," said Anand Nallathambi, CoreLogic's president and CEO. "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."
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