Home prices: Biggest rise since housing bubble

Home prices posted their biggest gain since 2006 in January.

NEW YORK (CNNMoney)

The S&P Case-Shiller index, which tracks prices across the 20 largest markets in the nation, posted the biggest year-over-year gain in prices since June 2006.

"This marks the highest increase since the housing bubble burst," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

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The report shows the recovery in home prices is widespread. All 20 markets posted a year-over-year gain in home values, and the pace of increase picked up in every market except Detroit.

Some of the markets hurt the most by the bursting of the housing bubble have enjoyed the biggest gains in the last year, led by a 23% rise in Phoenix. Prices were also up more than 10% in San Francisco, Las Vegas, Detroit, Atlanta, Minneapolis, Los Angeles and Miami, all markets hit hard by foreclosures due to the skid in prices after the bubble popped or economic problems associated with the recession.

New York posted the smallest rise, up only 0.7%, but that was a reversal from a slight decline in the December reading.

But even with the recent rise in prices, the overall index is down 28.4% from the 2006 peak in prices.

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Home prices have been helped in recent months by a number of factors, including tight inventory of homes available for sale, near record-low mortgage rates and a drop in homes in foreclosure. All those factors have driven up home sales. A decline in unemployment is also helping the housing recovery.

A separate report on new-home sales due later Tuesday is expected to show February sales well ahead of year-earlier levels but down from the pace of sales in January.

The housing recovery itself is helping support overall economic growth, as builders scramble to hire workers to meet the renewed demand.

First Published: March 26, 2013: 9:08 AM ET

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