US home prices vault nearly 12 percent in June

By: From Wire Reports
By: From Wire Reports

U.S. home prices surged 11.9 percent in June from a year earlier, reflecting stronger demand amid a tight supply of homes for sale.

Real estate data provider CoreLogic says home prices climbed on annual basis in 48 states. They fell only in Mississippi and Delaware. And all but one of the 100 largest cities reported price gains.

Home prices grew 26.5 percent in Nevada on a year-over-year basis to lead all states.

CoreLogic also says prices rose 1.9 percent in June from May, the 16th straight month-over-month increase.

Steady price increases are the latest sign of a recovery in housing. Stable job gains and still-low mortgage rates have encouraged more Americans to buy homes. Greater demand, along with few homes for sale, has helped push up prices.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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