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Stats Show Home Prices Mark Big Gains

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RENEE MONTAGNE, HOST:

NPR's business news begins with a big bump for housing.

House prices went up 10 percent between March of this year and last year. That's according to the latest S&P/Case-Shiller Index. It's the largest gain in housing prices in seven years, putting prices on average where they were in mid-2003.

The biggest boost went to Phoenix, where housing process were up 22 percent over the previous year. Of the 20 cities that make up the Index, a dozen saw price increases in the double digits. Analysts chalk the increase up to economic recovery and new record low mortgage rates. Transcript provided by NPR, Copyright NPR.