Home Prices Surge in June over Last Year

Despite gains in the last year, home prices remain 19 percent below their peak in 2006, according to CoreLogic, although U. S. home prices swelled 11.9 percent in June over June of 2012. That is why many homeowners are waiting to put their homes on the market, which keeps the for sale inventory low, potentially leading to more price increases. The National Association of Realtors (NAR) reports previously-owned homes sold in June, 2013 at a seasonally annual-adjusted rate (SAAR) of 5.08 million, 15.2 percent above the level reached last June, and close to a 3 1/2 high achieved in May. Home prices rose in 48 states, falling only in Mississippi and Delaware, as newsobserver informs MHProNews, and rose in all but one of the largest American cities. Additionally, sales of foreclosed properties, which typically sell at a discount, now make up a smaller proportion of transactions and have less effect in pulling down overall home prices.

(Photo credit: Paul J. Richards/Getty Images)

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