NEW YORK, June 4 U.S. home prices racked up
their biggest annual gain in more than seven years in April as
the recovery in the sector picked up traction, a report from
CoreLogic showed on Tuesday.
CoreLogic's home price index rose 3.2 percent from
March and surged 12.1 percent compared to April a year ago, the
biggest year-over-year price gain since February 2006.
Prices have been gaining for over a year as the housing
market turned a corner, helped by low interest rates, a pick up
in sales and less available supply.
Excluding distressed sales, prices were up 3 percent from
the month before and 11.9 percent from a year ago. Distressed
sales include properties that have been seized by lenders and
short sales, where the struggling homeowner is allowed to sell
the property for less than the outstanding mortgage.
"The pace of the housing market recovery quickened in April
as home prices rose across the U.S.," Anand Nallathambi,
CoreLogic's chief executive officer, said in a statement.
"We expect this trend to continue, bolstered by tight
supplies and pent up buyer demand."
The report forecast home prices will rise by 2.7 percent in
May compared to April and 12.5 percent from May 2012.
The top five states with the largest price gains over the
past 12 months were Nevada, California, Arizona, Hawaii and
Oregon. Only two states, Mississippi and Alabama, saw prices