Home prices are rising at the fastest rate in years, with some communities seeing double-digit gains, as buyers are returning to a market where the number of properties for sale is in short supply. Prices increased 9.3% in February from a year earlier. In some of the hardest hit markets, the gains have been particularly heady. Home prices rose 23% from one year ago in Phoenix and 18.9% in San Francisco. Nationally, the median home price in March stood at $184,300, up from $154,600 in January 2012.
Wall Street Journal, May 1, 2013