U.S. home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.
Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in April from March, much better than the previous month-to-month gain of 1.9 percent.
Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California's gain was next at 19.4 percent, followed by Arizona's 17.3 percent, Hawaii's 17 percent and Oregon's 15.5 percent.
More people are looking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases.
Rising home prices can help sustain the housing recovery. They encourage more homeowners to sell. And they spur would-be homeowners to buy before prices increase further. Continue reading "U.S. home prices jumped in April by most in 7 years"