News Summary: US home prices jump 9.7 pct

News Summary: Tight supply, rising demand pushes up US home prices by most in nearly 7 years

Associated Press
News Summary: US home prices jump 9.7 pct
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In this Thursday, Jan. 3, 2013, photo, a home is for sale in Mount Lebanon, Pa. U. S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season. Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday , March 5, 2013, by CoreLogic. (AP Photo/Gene J. Puskar)

HOUSE (PRICES) ON FIRE: U.S. home prices jumped 9.7 percent in January from a year ago, its biggest annual gain since April 2006. The increase followed an 8.3 percent rise in December.

WIDESPREAD GAINS: Prices rose in all states except Delaware and Illinois. Prices increased in 92 of the 100 largest metro areas, up from 87 in December. The biggest state price gains were Arizona, up 20.1 percent, followed by Nevada, up 17.4 percent. The cities with the biggest rises were Phoenix, Los Angeles, Riverside, Calif., New York, and Atlanta.

STARS ALIGN: Rising demand combined with fewer available homes is pushing up prices.

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