Housing prices in U.S. cities rise by most since early 2006

Home prices in 20 U.S. cities rose in August from a year ago by the most since February 2006 as stronger demand boosted values.The S&P/Case-Shiller index of property prices in 20 cities increased 12.8% from August 2012, more than forecast, after a 12.3% gain in the year ended in July, a report from the group showed today in New York. The median projection of 28 economists surveyed by Bloomberg called for a 12.5% advance.“You’ve got some momentum,” said Brian Jones, senior U.S. economist at Societe Generale in New York, who forecast a 12.9% increase in home prices. “The more encouraging thing is not just that prices accelerated, every area reported higher selling prices. The breadth of the increase was across the entire country.”

via Housing prices in U.S. cities rise by most since early 2006.