US home prices rise 10.9 pct. in March from a year earlier, biggest annual gain in 7 years

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In this May 13, 2013 photo, gardener Jose Lopez trims the front lawn of a home for sale in Alhambra, Calif. THE CANADIAN PRESS/AP, Nick Ut

WASHINGTON – U.S. home prices jumped 10.9 per cent 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 Monday also showed that all 20 cities measured posted annual 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.

Annual prices rose in Phoenix by 22.5 per cent, the biggest gain among cities. It was followed by San Francisco (22.2 per cent) and Las Vegas (20.6 per cent).

New York City had the smallest annual increase, at 2.6 per cent. It was followed by Cleveland with 34.8 per cent.

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