US home prices rise in May, except in Alabama

US home prices rise in May, except in Alabama

By CHRISTOPER S. RUGABER
AP Economics Writer

WASHINGTON (AP) - U.S. home prices jumped 12.2% in May from a year ago, the most in seven years. The increase suggests the housing recovery is strengthening.

Real estate data provider CoreLogic says prices rose from a year ago in 48 states and fell in only Delaware and Alabama. And all but 3 of the 100 largest cities reported price gains.

Prices rose 26% in Nevada to lead all states. It was followed by California (20.2%), Arizona (16.9%), Hawaii (16.1%) and Oregon (15.5%).

CoreLogic also says prices rose 2.6% in May from April, the fifteenth straight month-over-month increase.

Steady hiring and low mortgage rates have encouraged more Americans to buy homes. Greater demand and a limited number of homes for sale have pushed prices higher.

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