In February, home prices increased 8.6 percent and 9.3 percent for the 10- and 20-city composites over February 2012, according to the S & P/Case-Schiller Home Price Indices. Both composites recorded their highest annual growth rates since May 2006 and have returned to autumn 2003 levels.
Compared with January, the 10- and 20-city composites rose 0.4 percent and 0.3 percent, respectively.
Also, all 20 cities reported higher prices for two months in a row; the last time that happened was early 2005, said David M. Blitzer, chairman of the index committee at S & P Dow Jones Indices.
"Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy. The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth. One open question is the mix of single family and apartments; housing starts data show a larger than usual share is apartments," Blitzer said in a statement.
