Home-Price Growth Fastest in 7 Years, CoreLogic Says
As housing inventory remains low, prices continue to rise, posting the fastest year-over-year growth since 2006, according to data released Tuesday.
Home prices, including distressed sales, rose 2.6 percent in May and were up 12.2 percent from a year earlier, the largest annual growth since February 2006, according to CoreLogic, an Irvine, Calif.-based analysis firm. Excluding short sales and other distressed properties, prices rose 2.3 percent in May and were up 11.6 percent from the year-earlier period.
"As we approach the halfway point of 2013, home prices continue to respond positively to the reductions in home inventory thus far," said Mark Fleming, CoreLogic's chief economist.