According to the report from CoreLogic, home prices in the U.S. increased 1.7% in May. On a yearly basis, home prices jumped 6.3% in May.

"Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity. Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year," Chief Economist at CoreLogic Frank Nothaft said.