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Home prices hit double-digit annual increases

NEW YORK, May 28 (UPI) -- U.S. home prices in the first quarter posted double-digit gains over the same quarter of 2012, a closely watched private report said Tuesday.

The Standard and Poor's/Case-Shiller home price report said its 10-city index rose 10.3 percent from January through March of 2012. Over the same period, the report's 20-city index rose 10.9 percent.

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The national composite index rose 10.2 percent over the same time period, the report said.

All 20 of the report's monitored cities posted increases year-over-year.

From February to March, the 10-city index and the 20-city index rose 1.4 percent with five cities -- Charlotte, N.C.; Los Angeles; Portland, Ore.; Seattle; and Tampa, Fla. -- posting their largest month-over-month gains in five years.

"Home prices continued to climb. Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

In March, Phoenix posted the largest annual gain with prices up 22.5 percent. The second sharpest gain was in San Francisco at 22.2 percent, followed by Las Vegas at 20.6 percent.

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Atlanta posted a gain of 19.1 percent and Detroit a gain of 18.5 percent.

The lowest gains were in New York at 2.6 percent, Cleveland at 4.8 percent and Boston at 6.7 percent.

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