The U.S. housing market continues to show signs of strength.
On Tuesday, data from the S&P/Case-Shiller index jumped 10.9% over the prior year. That marked the largest twelve-month gain since April 2006. The increase beat the 10.2% rise anticipated by economists, Bloomberg noted.
It also topped the 9.4% year-over-year gain registered by the index in February. That number was revised upward from a previously-reported increase of 9.3%.
According to the index, nationwide home prices rose 10.2% in the first quarter, compared to the same time last year. That was up from a 7.3% year-over-year increase during the fourth quarter of last year.
A combination of historically low mortgage interest rates and shrinking inventories of homes for sale are helping to drive prices higher.