Last week, we reported that the S&P/Case-Shiller 20-city index showed a 10.9% jump in U.S. home prices in March — the biggest year-over-year gain in nearly seven years. Now, another report shows an even bigger jump in home prices across the U.S., especially in Western states.
CoreLogic‘s latest home price index showed home prices up 12.1% in April over a year ago, marking the biggest gain in more than seven years. Prices jumped 3.2% from March of this year.
Prices have been gaining for over a year, aided by low interest rates, a jump in sales and less supply, reports Reuters.
The Los Angeles metro area saw prices soar 19.2% compared with April 2012. Nevada was the state with the biggest home price appreciation, up 24.5%. California home values were up 19.4% statewide.
“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 statement. “We expect this trend to continue, bolstered by tight supplies and pent up buyer demand.”
Photo Above: Off-Market Listing in Beverly Hills Post Office.