With demand butting against a relatively low supply of homes available for sale, a gauge of housing prices increased 1.7% in May, while year-over-year growth rose to 6.3%, the fastest annual pace since July, said CoreLogic, an Irvine, Calif.–based analysis firm. Gains were “fairly widely distributed across the country,” and 10 states, including the likes of Texas and New York, hit records for home prices. In April, prices in eight states reached records.
“Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity,” said Frank Nothaft, CoreLogic’s chief economist. “Markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year.”Link to complete article: Home prices race up, annual growth at 10-month high - MarketWatch:
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