Home Prices See Fastest Rise in Seven Years
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.