U.S. home prices post 12.1% gain in April

By Alejandro LazoJune 4, 2013, 8:15 a.m.

Led by big gains in Western states, national home prices were 12.1% higher in April than the year prior, according to a leading home price index, underscoring how low supply and strong demand have become powerful boosts for the nation’s housing market.

The year-over-year increase in the CoreLogic home price index was the biggest increase in seven years  and the 14th consecutive monthly increases in home prices nationally. Prices were up 3.2% from the prior month.

Driven by low inventory, a strong investor presence and record-low mortgage interest rates, housing has taken off this year after hitting a bottom early in 2012. The sharp recovery in prices bodes well for the construction industry, as well as the larger economy.

 

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