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CoreLogic: Home prices climb on yearly basis

Posted on Tuesday, June 3, 2014 at 10:03:07 AM

Over the past year, home prices have continued to tick upward at a steady pace. For potential buyers interested in affordable residential financing, this may limit the number of available options, but it is also a signal of increased equity and a stronger economy.

According to CoreLogic, home prices have surged 10.5 percent in April on a yearly basis. On a month-over-month level, prices climbed 2.1 percent across the country. New home price peaks were reported in several states, including Colorado, Texas and Wyoming. 

Anand Nallathambi, president and CEO of CoreLogic, pointed to tight inventory conditions as one reason why home prices have been steadily getting higher over the past year.

"Home prices are continuing to rise as we head into the summer months," he explained. "The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year."

This change should have an impact on sales figures, according to The Associated Press. A number of economists expect that this year's pace will be little changed from last year's total. That will also have an affect on prices, possibly slowing down rate of growth over the coming months.