February Home Prices Showed the Biggest Increase Since 2006

Florida Realtors reported yesterday that U.S. home prices “jumped in February by the largest amount in 7 years, evidence that the housing recovery strengthened ahead of the all-important spring-buying season.”

The real estate data research company CoreLogic reported that home prices rose 10.2% in February compared to the same time last year. For 12 months straight, prices have been steadily climbing. (Coral Gables has also seen a steady increase in home prices in the past year.

Several reasons were cited for the increase in prices: more sales of previously owned homes and a very low inventory of homes for sale.

The cities with the largest home price increases were Atlanta, Los Angeles, New York, Phoenix and Riverside, Calif.

Although home values remain low, down 26% since April of 2006, consumer confidence is being fueled by higher home prices - enticing buyers to act quickly on a purchase before prices rise further and making homeowners feel they will get more for their house.

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