U.S. home prices jump in July by the most in 6 years

WASHINGTON -- U.S. home prices jumped 3.8 per cent in the 12 months ending in July, according to a private real estate data provider. The year-over-year increase was the biggest in six years, further evidence that the housing market is steadily recovering.

CoreLogic says home prices also rose 1.3 per cent in July from June. That's the fifth straight increase in both the monthly and year-over-year price indexes.

CoreLogic's price index is the third national index to show steady increases. The Standard & Poor's/Case-Shiller index posted its first annual increase in nearly two years last week. And a federal government housing agency has also reported annual increases.

Still, the housing market's recovery is just beginning. Prices are still 27 per cent below their peak in April 2006, CoreLogic says.