Home Prices Up Most in More Than Seven Years

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."