WASHINGTON (AP) – U.S. homes prices rose steadily upward in February as more homebuyers chased fewer available properties.
The Standard & Poor’s CoreLogic Case-Shiller national home price index increased 5.8 percent in February, the most in 32 months.
Home sales got off to a strong start this year, and in March reached their highest level in a decade. At the same time, the number of houses for sale has dropped steadily, forcing many would-be buyers into bidding wars. Many homeowners have very low mortgage rates and may be reluctant to sell if doing so would force them t take on higher borrowing costs.
The cities with the biggest annual price gains were Seattle; Portland, Oregon; and Dallas.