Home prices in San Francisco and Denver led the gains, increasing by 10.3 percent and 10 percent, respectively. The double-digit gain was San Francisco's first since July 2014.
Cleveland saw the largest slide, with home prices falling 1.2 percent from March 2014.
David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices said in a statement the pattern of consistent gains signals a rebound in home prices, rather than a bubble.
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"Home prices are currently rising more quickly than either per capita personal income (3.1%) or wages (2.2%), narrowing the pool of future home-buyers. All of this suggests that some future moderation in home prices gains is likely," he said. "Moreover, consumer debt levels seem to be manageable."