The number: The cost to purchase a home rose by a record amount, according to two major barometers of house prices in the U.S.
The index of home prices across 20 large cities increased at yearly pace of 11.9% in February, according to the S&P CoreLogic Case-Shiller home price index. On a monthly basis, home prices were up 1.2%.
That’s the biggest gain since February 2006.
The separate national index, which measures home prices across the country, displayed a similar 12% gain over the past year.
What happened: Prices rose in all of the 20 cities tracked by Case-Shiller. Among these cities, Phoenix saw the largest increase once again with a 17.4% leap, followed by San Diego (up 17%) and Seattle (up 15.4%).
Separately, the Federal Housing Finance Agency released its own monthly house price index, which showed that home prices were up 0.9% on a monthly basis and 12.2% over the past year as of February. This…