February home prices see the biggest gain in 15 years, S&P Case-Shiller says

Home price gains continue to outpace expectations, as tight supply and strong demand lead to bidding wars. Nationally, prices in February rose 12% year over year, up from 11.2% in January, according to the S&P CoreLogic Case-Shiller home price index. The 10-City Composite rose 11.7% annually, up from 10.9% in January. The 20-City Composite gained 11.9%, up from 11.1% in the previous month. All the gains were in the double digits, save Chicago and Las Vegas. “The National Composite’s 12% gain is the highest recorded since February 2006, exactly 15 years ago, and lies comfortably in the top decile of historical performance,” noted Craig Lazzara, managing director and global head of index investment strategy at S&P DJI. “February’s price gains in every city are above that city’s median level, and rank in the top quartile of all reports in 18 cities.
Source: cnbc