Home prices increased 12.6% YOY in May, the greatest increase since February 2006, according to CoreLogic.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May,” CoreLogic economist Mark Fleming said, “with indications that the summer months will continue to see significant gains. As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”
The firm adds home prices in the West are rising at a “torrid” pace. Indeed all the states that saw the biggest jumps were west of the Mississippi:
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