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U.S. Home Prices Jump Most in 6 Years

Gains were reported in all 20 cities in the index


home for saleOn Tuesday, a fresh report showed continued signs of strength in the U.S. real estate market.

In May, home prices in 20 cities measured by the Standard & Poor’s/Case Shiller index rose 12.2% over the prior year. That marked the largest yearly price increase since March 2006, the Associated Press notes.

Homebuilders: A Case of Too Far, Too Fast
Homebuilders: A Case of Too Far, Too Fast

The index found year-over-year home price gains in all 20 metropolitan markets. Prices also rose in May compared to April.

Since May, the average interest rate on a 30-year mortgage has risen by one percentage point, hitting 4.51%, its highest reading in two years.

Despite the news, homebuilder stocks were mixed in Tuesday morning trading. Shares of Ryland Group (RYL) surged more than 2%, while shares of Toll Brothers (TOL) rose modestly and D.R. Horton (DHI) fell almost 1%.

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