Home prices in March rose by 10.9% compared to one year earlier, the largest such gain in nearly seven years. The Standard & Poor’s Case-Shiller index showed that all 20 cities followed had posted year-over-year growth for the third straight month, the latest sign of how tight inventories and growing housing demand have led to a sharp surge in home prices after several years of painful declines. Home prices are still down by 28% from their 2006 peak and have returned to levels last seen in late 2003.
Wall Street Journal May 28, 2013
