A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.
Core Logic, a real estate data provider, said Tuesday that annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.
Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, which include foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what is owed on the mortgage.