Case Shiller: US Home Prices Post Record Gain

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The average price for a home in the top 20 cities in the United States rose 2.5 percent from March to April, the largest monthly increase in the history of the S&P/Case-Shiller Home Price Index

Prices were 12.1 percent in the 12 months ending in April, the largest gains in seven years, according to data released today.

All 20 cities in the index reported positive year-over-year gains for at least the fourth consecutive month. On a monthly basis, the only city in the index not to report an increase was Detroit.

"The recovery is definitely broad based," said David Blitzer, chairman of the index Committee at S&P Dow Jones Indices. "Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of over 20 percent in April."

San Francisco posted the highest gain at 23.9 percent. San Francisco prices were up 4.9 percent in April from March. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of the Case-Shiller indices, the report states.

Miami prices rose 2.4 percent, its largest monthly uptick in seven years.

Prices are still 26 to 27 percent below the peak levels achieved in June/July of 2006. But prices in the 20-city index were up 13.6 percent from the low in March 2012.