US home prices jumped 12.1 per cent in April, biggest year-over-year gain in more than 7 years

WASHINGTON – U.S. home prices soared 12.1 per cent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.

Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Price also rose 3.2 per cent in April from March, much better than the previous month-to-month gain of 1.9 per cent.

Prices in Nevada jumped 24.6 per cent from a year earlier, the most among the states. California’s gain was next at 19.4 per cent, followed by Arizona’s 17.3 per cent, Hawaii’s 17 per cent and Oregon’s 15.5 per cent.

More potential buyers have been seeking to purchase homes. But the number of homes for sale is 14 per cent lower than it was a year ago. The supply shortage has contributed to the price increases.