Home prices post largest annual gain in seven years

Despite those double-digit gains, national prices remain 20.4 percent below their April 2006 peak, shortly before they began a long steep drop beginning in early 2007. 

Prices have made double-digit yearly gains for the past three months while gradually rising for the past 15 months.

Excluding distressed sales, prices increased annually by 11.6 percent.

A separate report from S&P-Case/Shiller released last week showed annual increases in similar territory, up 12 percent in April. 

"Across the country, pent up demand and continued low interest rates are fueling strong demand for a limited inventory of properties," Anand Nallathambi, CoreLogic's chief executive officer, said in a statement.

Tuesday's report expects prices to increase another 2.9 percent in June and tick up to 13.2 percent on a yearly basis. 

Nevada, which has been hardest hit by the housing crisis, saw a 26 percent annual jump in prices but is still 45.6 percent off its peak prices. 

California, Arizona, Hawaii and Oregon all had double-digit increases. 

Only two states saw small yearly drops — Delaware (0.6) and Alabama (0.1).