News Summary: US home prices up 10.5 pct. in March

News Summary: Measure of US home prices rose 10.5 percent in March from year ago

Associated Press

BIG PRICE GAINS: A survey by real estate data provider CoreLogic shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.

MOST STATES: Prices increased in 46 states. Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent).

DEMAND UP, SUPPLY DOWN: Steady job creation and record-low mortgage rates have boosted home sales and construction in the past year. More buyers are also bidding on a limited supply of homes, which has helped push up prices.

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