U.S. home prices surged 19.7% in July — biggest one-year jump in more than 30 years.
The S&P CoreLogic Case-Shiller index of property values also showed prices in the metropolitan area of Los Angeles and Orange counties were up 19.1% in the year ended in July — the biggest gain since the index topped 22% gains in the fall of 2013.
A shortage of affordable properties has pushed up prices and kept some potential buyers on the sidelines.
By BLOOMBERG
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