WASHINGTON — U.S. home prices rose in February compared with a year ago by the most in nearly seven years, as a growing number of buyers bid on a limited supply of homes.
The Standard & Poor’s/Case-Shiller 20-city home price index climbed 9.3% in the 12 months ending in February. That’s up from an 8.1% gain in January.
Annual prices rose in all 20 cities for the second month in a row, the first time that has happened since early 2005. Phoenix recorded the biggest annual gain, with prices rising 23%. Prices jumped nearly 19% in San Francisco.
Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period.
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