Home prices rose in April as a growing number of cities surpassed records set before the Great Recession, according to a closely followed index.
The S&P/Case-Shiller 20-City Composite Index rose 5.4 percent year over year in April.
"The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers' generally positive outlook," David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Blitzer noted that seven cities are now setting new highs for home prices.
Portland, Oregon, led the gains in April with a 12.3-percent increase. Seattle followed with a 10.7-percent rise, trailed by Denver, which saw home prices rise 9.5 percent in April.
The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was up 5 percent in April from the previous year.
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