By Christopher S. Rugaber
WASHINGTON -- U.S. home prices jumped 12.1 percent in April from a year ago, buoyed by strong demand and a limited supply of available homes. Strong gains in most cities measured point to a broad-based housing recovery.
The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday also showed a 2.5 percent increase in April from March, the biggest month-over-month gain on records dating back to 2000. All cities except Detroit posted gains in April from March. That's up from only 15 cities in the previous months.
Prices rose from a year earlier in all 20 cities for the fourth straight month. Twelve cities posted double-digit gains. San Francisco, Las Vegas, Phoenix and Atlanta all had price increases over the past year of more than 20 percent, while Detroit and Los Angeles showed gains of nearly that much. Minneapolis posted a 15 percent gain.
See the full report at Daily Finance.
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