US Home Prices See Biggest Surge in March in 7 Years

Home prices in the United States jumped by the most in over seven years in March, as a growing number of eager buyers competed for a dwindling supply of housing stock.

The March Case-Shiller 20-city home price index, released May 25, soared 13.3 percent in March on a year-over-year basis, the biggest gain since December 2013. That increase followed a 12 percent year-over-year rise in February.

“Prices have risen so rapidly because people are moving from apartments in cities to suburban homes,” Robert R. Johnson, professor of finance at Creighton University’s Heider College of...