U.S. home prices rose 12.2 percent in May compared to last year and similar growth is expected when June numbers are final, CoreLogic said in today’s Home Price Index report. The May price jump marks the biggest year-over-year increase since February 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, in a news release.

“As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”