Home prices rose 11.8 percent year-over-year in November and are projected to show an 11.5 percent increase for all of 2013, making it the best year for growth since 2005, according to CoreLogic.
While prices gained nearly 1 percent in August during peak buying and selling activity, they increased a paltry 0.1 percent from October to November. The report doesn't reflect seasonal real-estate patterns, such as the cold winter weather that typically puts a damper on home sales.
Where the biggest increases were
States that saw the highest year-over-year home-price increases in November were Nevada, 25.3 percent; California, 21.3 percent; Michigan, 14.4 percent; Arizona, 13.5 percent; and Georgia, 13.3 percent. Only one state, Arkansas, saw price decreases. It was down 1.1 percent year-over-year.
Looking forward to a report about the past
Sales of existing homes are also expected to show a double-digit increase for 2013, according to the National Association of Realtors, which forecasts a 10 percent gain after December's numbers are calculated.
A prediction, this time about the future
According to the Associated Press, economists predict home prices will rise approximately 5 percent in the coming year. Along with rising prices, higher mortgage rates could slow activity in 2014.
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