In May, home prices were up 6.6 percent compared to a year ago and 1.2 percent from April, according to the latest index from CoreLogic.
MarketWatch reports that CoreLogic predicts home prices will appreciate 5.3 over the next 12 months.
Washington (12.6 percent), Utah (10.4 percent), and Colorado (9.7 percent) were the states with the highest year-over-year home price changes.
The company also noted that the cost of rent is growing much faster than inflation – and wages. Overall single-family rents rose 3.1% for the year in May, while rental costs in the affordable single-family rental segment of the market ... grew 4.7%. Wages rose 2.5% in May compared to a year ago, the Labor Department said last month.
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