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US home prices see biggest rise since 2006

US house prices jump by 10.9% in March
US house prices jump by 10.9% in March

US home prices jumped 10.9% in March compared with a year ago, the biggest increase since April 2006.

A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.

The Standard & Poor's/Case-Shiller home price index also showed that all 20 cities measured posted annual gains for the third month in a row.

Prices rose in 15 cities in March from February, up from only 11 in the previous month.

Annual prices rose in Phoenix by 22.5%, the biggest gain among cities. It was followed by San Francisco (22.2%) and Las Vegas (20.6%). New York City had the smallest annual increase, at 2.6%.