Reuters: Most Read Articles: Home prices accelerate by most in seven years

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Home prices accelerate by most in seven years May 28th 2013, 15:14 Tweet Share this Email Print Related News Jobs, housing data show economy has some muscle Thu, May 23 2013 May consumer sentiment highest in nearly six years Fri, May 17 2013 Insight: Housing improvement may herald return of U.S. workforce mobility Mon, May 13 2013 Analysis & Opinion Counterparties: How far can homes run? Abenomics pulls Japan from its post-Lehman slump A single family home is shown for sale in Encinitas, California May 22, 2013. Credit: Reuters/Mike Blake NEW YORK | Tue May 28, 2013 9:27am EDT NEW YORK (Reuters) - U.S. single-family home prices rose in March, racking up their best annual gain in nearly seven years in a further sign that the strengthening housing recovery is providing a source of support for the economy, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.1 percent in March on a seasonally adjusted basis, topping economists' forecasts for a 1 percent rise. Prices in the 20 cities jumped 10.9 percent year over year, beating expectations for 10.2 percent. This was the biggest increase since April 2006, just before prices peaked in the summer of that year. All 20 cities covered by the index saw yearly gains for the third month in a row. Average prices in March were back at their late-2003 levels. Prices in Phoenix continued their sharp ascent, rising 22.5 percent from a year earlier. Other standouts included San Francisco, up 22.2 percent, and hard-hit Las Vegas, up 20.6 percent. The housing market turned a corner in 2012, several years after its far-reaching collapse. The recovery has picked up since as inventory tightened, foreclosures eased and historically low mortgage rates have attracted buyers. For the first quarter of this year, the seasonally adjusted national index rose 3.9 percent, stronger than the 2.4 percent gain of the final quarter of last year. The data provoked little reaction in financial markets. Wall Street was poised to open higher as comments from central banks around the world reassured investors that supportive monetary policies would remain in place. (Reporting by Leah Schnurr; Editing by Lisa Von Ahn) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) May 28, 2013 9:46am EDT  --  Report as abuse Benghazi!! Doesn't anyone care about Benghazi anymore?! May 28, 2013 10:42am EDT  --  Report as abuse "Not good news"….for the Grand Obstruction Party. May 28, 2013 10:43am EDT  --  Report as abuse See All Comments » Add Your Comment

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