U.S. home prices continue to rise, surging 9.3% in February from a year ago, marking the biggest annual increase in residential real estate prices since 2006. All 20 cities in the latest S&P/Case-Shiller index saw year-over-year gains.
“Home prices continue to show solid increase across all 20 cities,” David Blitzer, head of the Index Committee at S&P Dow Jones, said in the report. “Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy.”
Leading all metropolitan areas in the 20-city composite index was Phoenix, which saw an annual increase of 23%, followed by San Francisco, where prices jumped nearly 19%. Both Los Angeles and San Diego outpaced the country, rising 14.1% and 10.2%, respectively.
More on the latest Case-Shiller index here.
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