US home prices vault nearly 12 percent in June

Home Prices
Posted at 9:26 AM, Aug 06, 2013
and last updated 2013-08-06 09:26:00-04

U.S. home prices surged 11.9 percent in June from a year earlier, reflecting stronger demand amid a tight supply of homes for sale.

Real estate data provider CoreLogic says home prices climbed last month on annual basis in 48 states. They fell only in Mississippi and Delaware. And all but one of the 100 largest cities reported price gains.

Home prices grew 26.5 percent in Nevada on a year-over-year basis to lead all states.

CoreLogic also says prices rose 1.9 percent in June from May, the 16th straight month-over-month increase.

Steady price increases are the latest sign of a recovery in housing. Stable job gains and still-low mortgage rates have encouraged more Americans to buy homes. Greater demand, along with few homes for sale, has helped push up prices.