A closely-monitored index that tracks home prices in the 20 largest U.S. cities showed prices increased in April by 10.9% from the previous year—which is the largest year-over-year increase since April 2006.
Things were even better in Los Angeles. According to an L.A. Times analysis of the Standard & Poor’s Case/Shiller index, home prices in Los Angeles surged by 16.6% in April as compared to a year earlier. That’s the biggest increase in more than seven years for L.A.
As has been well-chronicled in recent months, the housing market has been on the rise largely because of strong demand and a tight housing supply, as well as near record-low interest rates. In fact, every metro area studied in the report have shown year-over-year gains for each of the last three months at least.
Here is the list of the 10 cities that saw the biggest price increases in April:
- Phoenix, 22.5%
- San Francisco, 22.2%
- Las Vegas, 20.6%
- Atlanta, 19.1%
- Detroit, 18.5%
- Los Angeles, 16.6%
- Portland, 12.8%
- Minneapolis, 12.5%
- San Diego, 12.1%
- Tampa 11.8%
As you will note the list is largely dominated by cities like Phoenix, Las Vegas and L.A. that were particularly hard-hit by the last housing crash.