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Home prices rise notably during May


Home prices rose notably in May.

With more consumers purchasing homes this year, there also has been a notable rise in the prices of these properties.

During May, there was a total home price gain of more than 12 percent from the same month in 2012, a report from CoreLogic explained. There was also an improvement of 2.6 percent from the previous month's level. Prices rose for the 15th month in a row, and the last time prices increased on a yearly basis to a level comparable to this was in early 2006.

"It's been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains," said Dr. Mark Fleming, chief economist for CoreLogic. "As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far."

Not only have consumers seen rises in home prices in recent months, but there also has been a gain in home sales. According to a report from the National Association of Realtors, pending home sales rose more than 6 percent in May compared to April's level.

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