WASHINGTON – A survey shows U.S. home prices rose 10.5 per cent in March compared with a year ago, the biggest gain since March 2006.
Core Logic, a real estate data provider, said annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.
Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, prices rose in every state.
Nevada led all states with a 22.2 per cent annual gain. It was followed by California (17.2 per cent), Arizona (16.8 per cent), Idaho (14.5 per cent) and Oregon (14.3 per cent).
Home prices also rose 1.9 per cent in March from February, signalling a solid start to the spring buying season.