May home prices increase 10.9 percent
Home prices in May saw an increase of 10.9 percent compared to the previous year, which according to a report from our sister site, Equipment World, was the biggest gain home prices have seen in seven years.
The data come from the Standard & Poor’s Case-Shiller home price index, which covers 20 U.S. cities.
According to the New York Times, the gain is due to several factors, including employment gains, as well as decreased home construction combined with increased demand.
For more details about May’s increased home prices, read the full story at EquipmentWorld.com.