U.S. Home Prices Jumped 10.9 Percent This First Quarter!
U.S. home prices jumped 10.9 percent in the first quarter compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The Standard & Poor's/Case-Shiller home price index released Tuesday also showed that all 20 cities, measured by the report, posted year-over-year gains for the third straight month. Prices rose in 15 cities in the first quarter, increasing steadily since last summer. Rising home prices may begin to alleviate a lack of housing inventory, by encouraging more homeowners to put their properties on the market. Los Angeles has seen price increases in a range of 4.% all the way up to 46% in certain neighborhoods. A drastic change from the prices of last year. Now don't be fooled by the areas with the least amount of gain, these are areas like Bel Air , Beverly Hills & Brentwood that did not see drastic price drops during the market