With the help of low mortgage rates and inventory levels, the real estate market continues to relentlessly charge higher. In May, home prices increased on a year-over-year basis for the fifteenth consecutive month.
CoreLogic, a leading property information and analytics provider, reported its home price index gained 2.6 percent in May from the previous month. Compared to a year earlier, home prices across the nation surged 12.2 percent, the biggest increase since February 2006. All but two states, Delaware and Alabama, posted annual price gains.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Dr. Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”