Supported by growing demand and low inventory, home prices continued to run ahead in April, when year-over-year growth hit the fastest pace in more than seven years, according to data released Tuesday. Home prices rose 3.2% compared to March levels, CoreLogic said. Including short sales and other distressed properties, home prices in April were up 12.1% from the same period in the prior year, the highest rate since February 2006, according to CoreLogic. "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more," said Mark Fleming, CoreLogic's chief economist
Home price boom continues into April
Excluding distressed homes, prices were down about 16%.The data also show wide differences in price growth between locations. For example, including distressed sales, 12 states had double-digit annual price growth. Other states had single-digit growth, two with negative annual results.CoreLogic’s report echoed other recent data showing strong home-price gains. The widely followed S&P/Case-Shiller home-price gauge that tracks 20 cities showed that prices for U.S. homes rose in March at the fastest annual growth rate in nearly seven years.
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