U.S. home prices rise by most in nearly 7 years

U.S. home prices rose in February compared with a year ago by the most in nearly seven years, as a growing number of buyers bid on a limited supply of homes.

The Standard & Poor's/Case-Shiller 20-city home price index climbed 9.3 percent in the 12 months ending in February. That's up from an 8.1 percent gain in January.

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Annual prices rose in all 20 cities for the second month in a row, the first time that has happened since early 2005. Phoenix recorded the biggest annual gain, with prices rising 23 percent. Prices jumped nearly 19 percent in San Francisco.

Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period.

AP Economics Writer


5 thoughts on “U.S. home prices rise by most in nearly 7 years

  1. Jimmy Carter wisely said everyone should have their own home. Now is the time to make it happen. Banks have a lot of shadow inventory. Our debt to GDP ratio is not yet at infinity.

  2. Actually it's not surprising considering somebody is buying up the mortgages for 100000 houses every month.
    Lots of risk reduction for banks and easier loans - heard this before? Remember what happened?

  3. I noticed this in my city.

    One possible interpretation if you subscribe to the idea that left is good for growth (in a right leaning economy) and right is good for P/E growth is that you will have just enough of both worlds, like Clinton II, that you end up with strong asset performances over the next 4 years. (Remember that everybody thought the stock market was too expensive in 1996. The crash didn't happen until arguably everybody stopped thinking that...)

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