O.C. house-price gains 4th-highest in nation

March 05th, 2013

 by JEFF COLLINS OC Register

Orange County house prices jumped 11.7 percent in January from the year before, the fourth-biggest gain among large U.S. metro areas, housing data firm Core-Logic reported Tuesday.

The January increase is the biggest annual price gain in single-family homes since April 2006, figures from the Irvine-based data firm show. Orange County house prices have risen for eight consecutive months.

Los Angeles County had the nation’s second-highest price increase in January, with single-family homes selling for 12.2 percent more than in January 2012. Prices rose 12.1 percent in the Inland Empire, the third-biggest large metro-area gain in the nation.

Phoenix had the nation’s biggest price gain, with an annual increase of 22.7 percent in January.

Overall, California house prices increased by 14.1 percent in January year over year , the fourth-biggest percentage gain among states. The Golden State trailed only Arizona (20.1 percent), Nevada (17.4 percent) and Idaho (14.9 percent) in terms of price gains.

Nationwide, the Core-Logic index showed house prices rose 9.7 percent in the year ending in January.

“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, president and CEO of CoreLogic.

Core-Logic reported that every state except Delaware and Illinois had house price gains in January. Fifteen states are within 10 percent of the peak values they reached during the housing boom.

“With these gains, the housing market is poised to enter the spring selling season on sound footing,” said CoreLogic Chief Economist Mark Fleming.


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