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Phoenix home prices up 23 percent from last year
U.S. home prices increased in February, by the largest margin in nearly seven years.
The Standard & Poor's/Case-Shiller home price index climbed 9.3 percent in February, compared with 2012. Here in Phoenix the price increased an even more dramatic 23 percent over February of last year. Prices jumped nearly 19 percent in San Francisco.
Home prices grew 8.1 percent in January. Year-over-year prices were higher in each of the 20 cities monitored by the company. It was the first time that happened since early 2005.
Eleven of the 20 cities reported price increases gains from January to February, but the monthly numbers are not seasonally adjusted and reflect the slower winter buying period.
The report says the increase in home prices came as a growing number of buyers bid on a limited supply of homes.