U.S. home prices jumped 10.9 percent 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 percent over the past 12 months, the biggest gain among cities. It was followed by San Francisco (22.2 percent) and Las Vegas (20.6 percent). New York City had the smallest year-over-year increase at 2.6 percent, followed by Cleveland at 4.8 percent.
“Rising home prices may begin to alleviate a lack of housing inventory …
LOS ANGELES — California’s median home sales price soared more than 8 percent from February to March – the latest evidence of the fast-paced recovery in the state’s housing market as buyers compete for thin supplies, a research firm said Thursday.
Read more here: http://www.sacbee.com/2013/04/18/5352887/supply-affects-sf-bay-area-march.html#storylink=cpy
La Jolla, CA.–The number of California homes going into foreclosure dropped in the fourth quarter of 2011 to the second-lowest level in more than four years, the result of evolving lender and mortgage servicer policies as well as shifting market conditions, a real estate information service reported.