U.S. home prices increased at a solid clip in April, led by double-digit jumps in Denver and San Francisco.
The Standard & Poor’s/Case-Shiller 20-city home price index rose 4.9 percent in April from 12 months earlier, roughly the same annual pace as March, S&P Dow Jones Indices said Tuesday.
Strong job growth and low mortgage rates have prompted greater demand for housing, boosting home values. The continued gains are at roughly double the pace of wage growth.
Prices in the Denver metro area climbed 10.3 percent, while home values in San Francisco rose 10 percent, compared with gains of 1.8 percent or less in Boston, Cleveland and Washington.
The Case-Shiller index covers roughly half of U.S. homes. The April figures are the latest available.
