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U.S. home prices gain in February

Xinhua, April 28, 2015 Adjust font size:

U.S. home prices showed widespread gains in February, according to S&P/Case-Shiller Home Price Indices released Tuesday.

The 10-City Composite gained 4.8 percent year-over-year, up from 4.3 percent in January. The 20-City Composite gained 5 percent year-over-year, compared to 4.5 percent in January.

The National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.2 percent annual gain in February.

Both the 10 and 20-City Composites reported a significant month-over-month increase of 0.5 percent, their largest increase since July 2014. The National Index posted a 0.1 percent change for the month.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement that home prices continued to rise and outpace both inflation and wage gains.

The S&P/Case-Shiller National Index has seen 34 consecutive months with positive year-over-year gains. All 20 cities have shown year-over-year gains every month since the end of 2012.

"Nationally, prices are almost 10 percent below the high set in July 2006. If a complete recovery means new highs all around, we're not there yet," Blitzer added. Endi