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Home prices rise solidly again

U.S. home prices continue to show no signs of slowing down.

Sales prices rose 1.2 percent in May and were up 6.6 percent year over year, CoreLogic reported. The gains in home prices continue to run ahead income growth in most markets. The overall  U.S. market remains “robust,” but the low levels of home inventories are also hampering sales, CoreLogic’s Chief Economist Frank Nothaft said.

Among states, prices rose the fastest annually in Washington (12.6 percent), Utah (10.4 percent) and Oregon (9 percent). Home prices have fallen year over year in Wyoming (down -2.2 percent), West Virginia (-1.2 percent) and Alaska (-0.3 percent).

Lower inventories are also pushing up rental costs, CoreLogic said. Rents rose 3.1 percent year over year in May. The rent at properties deemed “affordable,” or at 75 percent of the regional median rent, have increased by 4.7 percent over the past year. 


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