New York, NY, July 2, 2013 -- Home prices recorded their largest annual gain in more than seven years in May, according to data analysis firm CoreLogic.
Prices rose 2.6% from April and were up 12.2% compared to May last year, the biggest annual increase since February 2006, CoreLogic said.
Prices were up 11.6% on a yearly basis, excluding distressed sales.
"Across the country, pent up demand and continued low interest rates are fueling strong demand for a limited inventory of properties," said CoreLogic CEO Anand Nallathambi in a press release.
"We expect that trend to continue to drive up prices throughout the balance of the summer months."