US home prices rise 8.1 pct., most since mid-2006 - FOX 10 News | myfoxphoenix.com

US home prices rise 8.1 pct., most since mid-2006

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By PAUL WISEMAN

AP Economics Writer

WASHINGTON (AP) - U.S. home prices rose in January at the fastest pace since the summer of 2006, just before the housing bubble burst. The gain shows the housing recovery is strengthening ahead of the spring buying season.

The Standard & Poor's/Case-Shiller 20-city home price index climbed 8.1 percent in the 12 months ending in January That's up from a 6.8 annual gain in December. Prices rose in all 20 cities, led by a 23 percent gain in Phoenix.

Prices rose in 11 of 20 cities on a month-over-month basis. Those numbers are not seasonally adjusted and reflect the slower winter buying period.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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