May home prices pushed annual growth to a 10-month high, MarketWatch reports.
Driving price growth is the relatively low supply of homes available for sale compared to high demand. Compared to last year, home prices in May experienced a 6.3 percent growth, which CoreLogic says is “the fastest annual pace since July.”
Price growth was fairly distributed across the country, and in 10 states, including Texas and New York, home prices have hit records.
CoreLogic expects home prices to decelerate to an annual growth of 5.1 percent by May 2016. A strengthening economy will give home builders more confidence in expecting more sales, and owners can be expected to put their homes up for sale, easing pressure by adding the number of homes available for buyers.