Home prices post sharp increase in January

A leading index of home prices in 20 American cities recorded a sharp 8.1% year-over-year increase in January, underscoring the vigor of the recent housing recovery.

It was the biggest increase for the Standard & Poor’s/Case-Shiller index in more than six years. All 20 of the cities posted year-over-year gains, with Phoenix posting the largest increase: 23.2%.

In California, Los Angeles was up 12.1%, San Diego, 9.8%, and San Francisco, 17.5%.

“This marks the highest increase since the housing bubble burst,” said David M. Blitzer, chairman of the index committee at S&P; Dow Jones Indices.

The home price gauge was essentially flat, up 0.1%, from the prior month.

The increase in home prices is part of a broader recovery in housing that began last year. Single-family home building permits and housing starts have also shown improvement recently, while foreclosure filings have waned.

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