The Associated Press
A “sold” notice is posted on the “for sale” sign of a house in Seattle. Home prices in major U.S. cities have risen for the first time in eight months, boosted by an annual flurry of spring buyers.
WASHINGTON (AP) -- A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.
Core Logic, a real estate data provider, said annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.
Prices increased in 46 states over the past year -- 11 of them posting double-digit gains. And when excluding distressed sales, prices rose in every state.
Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent).
Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season.