Home Prices Rise Most in Over Seven Years

New York, NY, June 5, 2013 -- Home prices recorded their largest year-over-year  gain in more than seven years in April, according to real estate information firm CoreLogic.

CoreLogic's home price index rose 3.2% from March and rose 12.1% compared to April a year ago, the largest annual price gain since February 2006.

Stripping out distressed sales, prices were up 3% from the month before and 11.9% from a year ago.

"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 press release.

"We expect this trend to continue, bolstered by tight supplies and pent up buyer demand."

CoreLogic expects that home prices will rise by 2.7% in May compared to April and 12.5% from May 2012.