WASHINGTON - U.S. home prices rose at a faster pace in February than the previous month, driven by higher sales and a limited supply of available houses.
The Standard & Poor's/Case-Shiller 20-city home price index rose 5 per cent in February from 12 months earlier. That is up from a 4.5 per cent pace in January.
Faster sales likely drove the price gain. Signed contracts to buy homes jumped in February, yet the number of Americans listing their homes for sale remains low. That has led to bidding wars in some cities.
All 20 cities in the index reported year-over-year price gains in February. Home prices in Denver jumped 10 per cent, the most of any city, followed by San Francisco, with 9.8 per cent.