Home Prices Increase Most in Seven Years

New York, NY, June 25, 2013 -- Single-family home prices in April recorded their biggest annual gain in seven years, according to the S&P/Case Shiller composite index of 20 metropolitan areas.

The index gained 1.7% from March on a seasonally adjusted basis, topping forecasts for 1.2%.

Prices in the 20 cities rose by 12.1% year over year, which was also above expectations and the biggest annual gain since March 2006.

"The recovery is definitely broad based," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a press release.