Average home prices registered a record monthly increase in April, according to the latest S&P/Case-Shiller Home Price Indices.
Home prices shot up a record-breaking 2.6 and 2.5 percent, respectively, in the Case-Shiller 10- and 20-city composites indices on a monthly basis in April, the indices found.
All 20 cities and both composites showed positive year-over-year growth for at least the fourth consecutive month.
On an annual basis, prices were up 11.6 percent and 12.1 percent, respectively, for the 10- and 20-city composites, according to the indices.
“The 10- and 20-city composites posted their highest monthly gains in the history of S&P/Case Shiller Home Price Indices,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. “The recovery is definitely broad based.”
“The two composites showed the largest year-over-year gains in seven years. Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of more than 20 percent in April. San Francisco was the highest at 23.9 percent. Phoenix posted 12 consecutive months of double-digit growth. Source: S&P/Case-Shiller Home Price Indices