New York, New York,
May 1, 2013—Home prices are rising at the
fastest rate in seven years, according to the Wall Street Journal.
In February, home
prices increased 9.3% from a year earlier, according to Standard &
Poor’s/Case-Shiller index that tracks home prices in 20 major metropolitan
areas. All cities posted year-over-year gains for the second consecutive month,
which hasn’t happened since 2005.
Some of the markets
that were hardest hit are seeing the most significant gains. In Phoenix, home
prices rose 23% year-over-year, and San Francisco prices rose 18.9%.
Though some experts
worry that the current rebound rate is unsustainable, data suggests that gains
are likely to continue. The Wall Street Journal’s quarterly survey of market
conditions in 28 metropolitan markets showed very low supply of home in a
rising number of markets.