U.S. home prices took a major leap in April, setting a monthly record for gains.
From March to April, home prices gained 2.6 percent and 2.5 percent for the top 10 and top 20 markets respectively, according to the latest S&P/Case-Shiller Home Price Indices. Average prices rose 11.6 percent and 12.1 percent in April from a year ago.
"The recovery is definitely broad based," said David Blitzer of S&P Dow Jones in the report. "The two composites showed the largest year-over-year gains in seven years."
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Atlanta, Las Vegas, Phoenix and San Francisco posted year-over-year gains of more than 20 percent in April, with San Francisco leading the way at 23.9 percent. Phoenix posted 12 consecutive months of double-digit growth, as investors there continue to compete for what few distressed properties are for sale. Inventories did rise in Phoenix in May slightly, but demand is still outstripping supply, and pushing prices higher.