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US home prices rose 11.9% in February, fastest since 2014

Prices were up 9.1% in Las Vegas
Home Prices
Posted at 7:36 AM, Apr 27, 2021
and last updated 2021-04-27 10:36:49-04

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