December 04. 2012 12:00PM - Last modified: December 04. 2012 12:02PM

U.S. housing market posts largest price increase since 2006

The prices of homes sold in the U.S. increased 6.3 percent on a year-over-year basis in October, according to a new report from Irvine, Calif.-based CoreLogic.

That is the biggest year-over-year monthly increase in U.S. home sale prices since June of 2006 and the eighth consecutive month of year-over-year monthly increases for the U.S. housing market, according to CoreLogic.

"The housing recovery that started earlier in 2012 continues to gain momentum," said Mark Fleming, chief economist for CoreLogic. "The recovery is geographically broad-based with almost all markets experiencing some appreciation."

"We are seeing an ongoing strengthening of the residential housing market," said Anand Nallathambi, president and CEO of CoreLogic. "Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy."