Home Prices Rise 10.5 Percent In Biggest Gain Since 2006

WASHINGTON (CBS/AP) — A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.

Core Logic, a real estate data provider, said annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.

Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, prices rose in every state.

Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent).

Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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