US Home Prices Accelerated in February as Sales Rise
Source: Associated Press
WASHINGTON — Apr 28, 2015, 10:49 AM ET
By CHRISTOPHER S. RUGABER AP Economics Writer
Associated Press
U.S. home prices climbed at a faster pace in February than the previous month, driven by higher sales and a limited supply of available houses.
The Standard & Poor's/Case-Shiller 20-city home price index rose 5 percent in February from 12 months earlier, S&P said Tuesday. That is up from a 4.5 percent pace in January.
Faster sales likely drove the price gain. Signed contracts to buy homes jumped in February, yet the number of Americans listing their homes for sale remains low. That has led to bidding wars in some cities.
Home prices are increasing at a more sustainable pace than in the past two years, when they rose at a double-digit pace for 14 straight months. Yet some economists warn that the ongoing increases may price many would-be buyers out of the market, particularly as pay gains remain weak.
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