NEW YORK Home prices rose in June, boosted by tighter inventory, in a fresh sign the recovery in the housing market was gaining traction, data from CoreLogic Inc showed on Tuesday.
CoreLogic's home price index gained 1.3 percent from May and was up 2.5 percent from a year ago.
Excluding distressed sales, prices fared even better, rising 2 percent on the month and 3.2 percent year over year. Homes that have been seized by banks or are in danger of being foreclosed on are often sold at significantly reduced prices.
"At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner," Anand Nallathambi, chief executive of CoreLogic, said in a statement.
"While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second-half of 2012."
July home prices were on track to rise by at least 0.4 percent compared to June and by 2 percent from a year ago, the report said.
Of the top 100 statistical areas measured by population, 27 showed year-over-year declines, down from 32 in May.
(Reporting by Leah Schnurr; Editing by Padraic Cassidy)