Home prices post biggest jump in 7 years
Home prices soared in March to their highest in seven years, based on the S&P/Case-Shiller home price index that tracks monthly changes in the value of residential real estate in 20 metro areas across the U.S.
The year-over-year increase was 10.9 percent — marking the first double-digit gain since May 2006. Published in late May, the index covers data for January, February and March.
“Home prices continued to climb,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006.”
Phoenix again had the largest annual increase at 22.5 percent, followed by San Francisco with 22.2 percent and Las Vegas with 20.6 percent. The weakest annual price gains were seen in New York with 2.6 percent, Cleveland with 4.8 percent and Boston at 6.7 percent.