(CSMONITOR) — Already a bright spot in the economy, the housing market is starting to shine even more. Home prices have notched their largest increase since the housing bubble burst.
The S&P/Case-Shiller composite home price index of 20 cities rose 1.1 percent in March, and 10.9 percent since last year, beating analysts’ expectations of a 10.2 percent annual gain. That’s the index’s biggest increase since April 2006.
“This update was the strongest in years,” IHS Global Insight U.S. economists Patrick Newport and Stephanie Karol wrote in an e-mailed analysis. “Seasonally adjusted prices were up in all 20 cities for the fourth straight month; prices were up from a year earlier in all 20 cities for the third straight month; five cities posted their largest month-on-month gain in over seven years; twelve cities saw double-digit increases from a year earlier; and all three major indexes rose at double-digit rates from a year earlier.”
Advertisement - story continues below