A measure of U.S. home prices jumped 4.6 percent in August compared with a year ago, the largest year-over year increase in more than six years, the Associated Press reported.
But Connecticut has yet to share in those gains.
Connecticut was among the five states with the biggest declines, falling a half-percent in August, compared with a year ago, according to CoreLogic, a private real estate data provider.
The news isn’t all bad for Connecticut, however. It appears price declines are easing. On a year-over-year basis, home prices fell 4 percent in June, 1.7 percent in July and 0.5 percent in August.
The four other states with the biggest declines were Rhode Island, Illinois, New Jersey and Alabama.
The AP made these observations in their story:
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.
Even with the gains, the housing market has a long way back. Many would-be buyers can’t qualify for stricter lender standards or save enough money for larger down payments that most banks now require. Home sales, housing starts and prices all remain below healthy levels.