WASHINGTON (AP) — U.S. home prices rose in February at the fastest pace in nearly seven years as strong demand for housing collided with tight supplies of homes on the market.
The February S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 11.9% from a year earlier, the biggest gain since March 2014.
The index had also surged — 11.1% — in January.
The February gain was about what economists had expected. Prices rose in all 20 cities, led by year-over-year gains of 17.4% in Phoenix, 17% in San Diego and 15.4% in Seattle. Chicago (up 8,6%) and Las Vegas (up 9.1%) registered the smallest gains.
By PAUL WISEMAN AP Economics Writer
