State and Nation Business

U.S. home prices UP 12.4 percent

LOS ANGELES – U.S. home prices jumped 12.4 percent in July from a year earlier, reflecting a housing market that’s increasingly favoring sellers amid a tight supply of available homes for sale.

Real estate data provider CoreLogic said Tuesday that home prices in every state but Delaware climbed on annual basis in July.

Ninety-nine of the 100 largest cities reported annual price gains.

Home prices grew 27 percent in Nevada, to lead all states.

CoreLogic also said prices rose 1.8 percent from June, the 17th consecutive month-over-month increase.

Consistent job gains and mortgage rates that are still historically low despite recent upticks are spurring more people to buy homes.

That’s helped drive prices higher.

– The Associated Press

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