WASHINGTON (AP) U.S. home prices climbed in March with buyers paying a premium for ownership as the number of properties up for sale declines, and mortgage rates increase.
The S&P CoreLogic Case-Shiller 20-city home price index released today increased 6.8 percent in March from a year earlier. The sharpest gains were in Seattle, Las Vegas and San Francisco, each of which reported prices rising in excess of 11 percent.
The home price index is slightly higher than the 2006 peak, before the housing market and the economy crashed. The steadily improving economy has helped bring back buyers and higher prices. Home prices are outstripping wage growth easily.
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