The housing market continues to improve.
Prices were up 10.9% in March compared to a year ago, the Associated Press reports, while for the third straight month, Standard & Poor’s/Case-Shiller home-price index showed gains in all 20 cities it covers.
The biggest price gains, 22.5%, were reported in Phoenix. The smallest were in New York City with 2.6%.
The AP says that sales of new houses in April were at their highest level in five years, while sales of existing homes hit their highest level in 3-1/2 years. Applications for building permits in April were at their highest point in almost five years.
Overall, says the AP, competition for a limited number of houses should make more builders eager to pick up production.
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The S&P/Case-Shiller Home Price 20-City Composite Index increased by 10.9% in the first quarter of 2013
