Home Prices Take Biggest Jump in 7 Years
20 biggest cities see gains for 2nd month in a row
By Newser Editors and Wire Services
Posted Apr 30, 2013 8:24 AM CDT
In this, Tuesday, March 12, 2013, photo, a sold sign is posted in front of a home for sale in Mariemont, Ohio.   (AP Photo/Al Behrman)

(Newser) – US home prices posted their biggest year-over-year gains in February since 2006, as a growing number of buyers bid on a limited supply of homes. The Standard & Poor's/Case-Shiller 20-city home price index climbed 9.3% in the 12 months ending in February. That's up from an 8.1% gain in January.

Annual prices rose in all 20 cities for the second month in a row, the first time that has happened since early 2005. Phoenix recorded the biggest annual gain, with prices rising 23%. Prices jumped nearly 19% in San Francisco. Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period.