U.S. housing prices pick up on short supply

04/30/2013 | Bloomberg

U.S. housing price gains accelerated in February, rising 9.3% from a year before, up from an 8.1% year-on-year gain in January. The latest advance in the S&P/Case-Shiller index was the biggest since May 2006. "The recent run-up in prices probably has a lot to do with the lack of supply. The more attention that home price gains get, more and more people will realize it's a good time to sell their home," said Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, N.C.

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