December 9th, 2012, by Jeff Collins
Orange County home prices increased 6.4 percent in October from the year before, the fifth straight monthly increase tracked by housing numbers giant CoreLogic.
The increase was the largest since home prices stopped dropping in June and started going up again. Before that, prices dropped for at least 12 straight months.
The CoreLogic Home Price Index, released last week, follows reports for October from two other housing trackers: DataQuick reported that Orange County home prices jumped 12.3 percent in October, while the California Association of Realtors reported a 15.3 percent price increase.
CoreLogic Chief Economist Mark Fleming has said that his firm’s numbers are more reliable because they’re based on comparisons between prices for the homes sold in October with the previous sales prices for those same homes.
DataQuick and the Realtor numbers compare the median price of homes sold in October to all homes sold in the previous October. Such price comparisons can be skewed by changes in the type and size of homes sold.
In addition, CoreLogic’s October HPI showed:
- Orange County home prices were up 0.7 percent in October from September.
- When distressed properties such as foreclosures and “short sales” are excluded, prices for the remaining homes were up 6.5 percent from October 2011 and were up 1 percent from September.
- Nationwide, home prices increased 6.3 percent in October, the eighth consecutive price increase.
- In California, home prices increased 9 percent.