Home prices continued their rapid ascent in May, posting their highest annual increase in more than seven years, CoreLogic reported.

Nationwide, home prices in May, including distressed sales, jumped 12.2 percent year over year, and 2.6 percent month over month, according to CoreLogic’s Home Price Index.

“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.” Source: Corelogic

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