March home price gains biggest since April 2006

Posting the biggest gain in seven years, home prices rose 10.9% in the 12 months ending in March, a closely watched housing index said Tuesday.

From February, prices were up 1.4% for the 20-city composite, as measured by the monthly Standard & Poor’s/Case-Shiller index.

Phoenix and San Francisco are the hottest markets with prices up more than 22% year over year. But all 20 cites in the index posted year-over-year growth for the third month in a row.

Twelve of the 20 cities saw prices rise at double-digit annual growth rates.

 

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