WASHINGTON – 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.
Strong job growth and low mortgage rates have prompted greater demand for housing, boosting home values. But the continued gains are at roughly double the pace of wage growth, potentially pricing out many would-be buyers.
Prices in Denver climbed 10.3 percent, while home values in San Francisco rose 10 percent.
The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The April figures are the latest available.