US home prices rise 10.9 pct., most since 2006

By Qiong (June) Zhang36 Comments

U.S. home prices jumped 10.9% in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.

The Standard & Poor’s/Case-Shiller home price index released Tuesday also showed that all 20 cities measured by the report posted year-over-year gains for the third straight month.

And prices rose in 15 cities in March from February. That’s up from only 11 in the previous month. The monthly figures aren’t seasonally adjusted and may reflect the beginning of the spring buying season.

Prices rose in Phoenix by 22.5% over the past 12 months, the biggest gain among cities. It was followed by San Francisco (22.2%) and Las Vegas (20.6%).

New York City had the smallest year-over-year increase at 2.6%, followed by Cleveland at 4.8%.

The supply of available homes jumped in April, but was still 14% below its level a year earlier.

Prices have been increasing steadily since last summer. Still, they are about 29% below the peak reached in July 2006.


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