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. In Tacoma, home prices, including distressed sales, increased by 8.5 percent in July 2013 compared with July 2012, according to CoreLogic data. On a month-over-month basis, home prices, including distressed sales, increased by 1.3 percent in July 2013 compared with June 2013. Nationwide, prices rose 1.8 percent from June, the 17th straight month-over-month increase. Ninety-nine of the 100 largest cities reported annual price gains.
Home prices grew 27 percent in Nevada to lead all states.
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.
CoreLogic says U.S. home prices are now within 18 percent of their peak levels reached in April 2006.
Meanwhile, U.S. construction spending rose in July as more outlays to build homes and businesses countered a decline in the government sector.
Construction spending climbed 0.6 percent to an annual rate of $901 billion, the Commerce Department said. The growth rate was above the median forecast in a Reuters poll of analysts.Reuters contributed to this report.