US Home Prices Grow at Highest Rate Since 2006

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Home prices in the 20 cities tracked by the S&P/Case Shiller Home Price Index rose 9.3 percent in February from a year earlier, the highest growth rate since 2006, according to data released today.

All 20 cities in the composite reported higher prices from a year earlier for two months in a row, which hasn't happened since early 2005.

"Home prices continue to show solid increases across all 20 cities," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy."

The Case Shiller index is a month behind other tracking reports on the U.S. home market, but the latest number confirm already released data. The National Association of Realtors reported that the median sales price was up 11.8 percent in March from a year earlier.

Phoenix, San Francisco, Las Vegas and Atlanta posted the largest year-over-year increases, Case Shiller reports. Phoenix prices were 23 percent higher from a year earlier. Three older cities--New York, Boston and Chicago--saw the smallest improvements.

Eight of the 20 cities posted monthly declines, but all were up from a year earlier.