US home prices rise in April by most in 7 years

(AP)

U.S. home prices jumped 12.1 percent in April from a year ago, buoyed by strong demand and a limited supply of available homes. Strong gains in a wide range of cities point to a broad-based housing recovery.

The Standard & Poor’s/Case-Shiller 20-city home price index also showed a 2.5 percent increase in April from March, the biggest month-over-month gain on records dating back to 2000.

All cities except Detroit posted gains in April from March. That’s up from only 15 cities in the previous months.

Prices rose from a year earlier in all 20 cities for the fourth straight month. Twelve cities posted double-digit gains.

San Francisco, Las Vegas, Phoenix and Atlanta posted the largest year-over-year price gains. All were over 20 percent.

(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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