Single-Family Home Prices Increased 9.3 Percent in February

Single-family home prices rose 9.3 percent in February from a year earlier, according to the S&P/Case Shiller index of 20 metropolitan areas. The gain marks the fastest rate in almost seven years. The data is another sign that the housing market recovery will provide a boost for the overall economy. Moreover, it reinforces the view that home price appreciation will make Americans feel comfortable enough to spend more this year, helping to offset the impact of tax increases and government spending cuts. “This will be a powerful positive fundamental, not only for housing, but presumably helpful for consumer spending as well,” said Stephen Stanley, an economist at Pierpont Securities in Stamford, Conn. | Read More