Economics
U.S. Annual Home Prices Gain a Record 18% in July
- Single-family market is estimated to be undersupplied
- Lack of supply unlikely to be resolved over next 5-10 years
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U.S. home prices increased 18% in July compared to a year earlier, according to a CoreLogic Inc. report released Tuesday.
The jump is the largest 12-month gain in the index since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.