US Home prices rise in Oct 2014

U.S. home prices rose at a faster year-over-year pace in October than in September, snapping a seven-month slowdown.

Real estate data provider CoreLogic said Tuesday that prices increased 6.1% in October compared with 12 months earlier. That was up from September’s year over- year increase of 5.6%.

Still, home values are rising more slowly than they were earlier this year, when 12-month gains were averaging nearly double their current pace.

Previous price increases led investors to pull back from the home market, and firsttime buyers have yet to fill the void created by their departure.

Price growth will likely remain mild as a result, Core-Logic said. The firm projects that home values will rise 5.1% over the next 12 months. Roughly half the country’s homes will match or surpass their pre-recession prices by mid-2015, it predicts.

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