Home Prices Take Biggest Jump in 7 Years

US home prices posted their biggest year-over-year gains in February since 2006, as a growing number of buyers bid on a limited supply of homes. The Standard & Poor's/Case-Shiller 20-city home price index climbed 9.3% in the 12 months ending in February. That's up from an 8.1% gain in January.

Annual prices rose in all 20 cities for the second month in a row, the first time that has happened since early 2005. Phoenix recorded the biggest annual gain, with prices rising 23%. Prices jumped nearly 19% in San Francisco. Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period. (More home prices stories.)