U.S. Home Prices Increased 6.2 Percent From Last Year

By Claire Caulfield
Published: Tuesday, December 26, 2017 - 9:58am

As the economy recovers from the 2008 financial crisis and unemployment hits record lows, demand for single-family homes has steadily increased.

U.S. home prices climbed 6.2 percent from a year ago.

According to Standard & Poor's national home price index, 2017 prices are above their previous peak in 2006.

In Phoenix, home prices are lower than the national average, but still increased 9 percent from last year.

Strong demand from would-be buyers and a shrinking supply of homes for-sale mean that prices are climbing at more than double the pace of wage growth.

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