The S&P/Case Shiller composite index of single-family home prices in 20 metropolitan areas rose 5.4 percent in March on a year-over-year basis. All 20 metro areas experienced gains.
"The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
Home prices in three U.S. cities, Portland, Oregon (12.3%), Seattle (10.8%) and Denver (10.0%, showed the highest year-over-year gains, the survey showed.
Have I mentioned that the idea the 25 basis point hike by the Federal Reserve in December would crash the economy is appearing to be an increasingly absurd belief?