Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

U.S. home prices spike in February

By: The Associated Press
May 1, 2013
0
photo - In this Tuesday, March 5, 2013, photo, a home is for sale in Auburn, N.H.  Standard & Poor's/Case-Shiller reports on home prices in February on Tuesday, April 30, 2013. (AP Photo/Charles Krupa)
In this Tuesday, March 5, 2013, photo, a home is for sale in Auburn, N.H. Standard & Poor's/Case-Shiller reports on home prices in February on Tuesday, April 30, 2013. (AP Photo/Charles Krupa) 

WASHINGTON U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes.

The Standard & Poor's/Case-Shiller 20-city home price index increased from an 8.1 percent year-over-year gain in January. And annual prices rose in all 20 cities for the second month in a row.

Phoenix led all cities with an annual gain of 23 percent in February. Prices jumped nearly 19 percent in San Francisco. In Las Vegas, home prices increased 17.6 percent.

Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period.

The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average.

Steady hiring and near-record low mortgage rates are driving up demand, helping sustain the housing recovery that began last year. Buyer traffic was 25 percent higher in March than it was a year ago, according to the National Association of Realtors.

At the same time, prices are surging because buyers have fewer homes to bid on. The number of homes available for sale has fallen nearly 17 percent in the past year to 1.93 million, the Realtors' group said last week.

Home prices nationwide are still about 30 percent below their peak reached at the height of the housing bubble in August 2006.

Stan Humphries, chief economist at Zillow, a real estate data provider, cautioned that the national figures are being skewed by rebounds in cities hit hard during the housing bust.

'The appreciation rates we're currently seeing ... are not broadly reflective of what's happening in the national housing market right now, ' Humphries said.

Comment Policy
Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Subscribe to the Colorado Springs Gazette

Some news is free.
Exceptional journalism takes time, effort and your support.

Already a Subscriber? LOGIN HERE

articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.