"The housing market's gains are increasingly geographically diverse with only six states continuing to show declining prices"
- Mark Fleming, chief economist for CoreLogic
U.S. home prices rose by the most in six years in August, a sign nation's property market is recovering, data by the CoreLogic, a private real estate data provider, showed Tuesday. A measure of U.S. home prices rocketed 4.6 per cent in August on a yearly basis, and rose by 0.3 per cent in August from July, posting a six consecutive monthly gain.
"The housing market's gains are increasingly geographically diverse with only six states continuing to show declining prices," said Mark Fleming, chief economist for CoreLogic.
"We are expecting prices to continue rising, but not much faster than inflation, at least over the next five years," said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts.
The Standard & Poor's 500 advanced 0.09 per cent to 1,445.75. The Dow Jones Industrial Average retreated 0.24 per cent to 13,482.36. The Nasdaq Composite added 0.21 per cent to 3,120.04.
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