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News Summary: US home prices rise most in 7 years

Source : AP
Last Updated: Tue, Apr 30, 2013 21:00 hrs

: U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years, according to the Standard & Poor's/Case-Shiller 20-city index.

ALL CITIES POST GAINS: Annual prices rose in February in all 20 cities for the second month in a row. Annual prices rose 23 percent in Phoenix to lead all cities. Next was San Francisco (19 pct.) and Las Vegas (17.6 pct.).

NOT ALL ROSY: Prices rose because a growing number of buyers are bidding on a limited supply of homes. And big gains in cities hit hardest by the housing crisis pulled the index higher.




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