/ Modified may 28, 2013 9:34 a.m.

Phoenix Tops Nation in Home Price Rise

Up 22.5% in March, report says; national rise most in 7 years

Phoenix led the nation's big cities with a 22.5 percent increase in year-to-year home prices in March, the Standard & Poor's/Case-Shiller home price index showed.

Prices in Phoenix have been rising rapidly in the last year as inventory has tightened. In the housing bubble burst, Phoenix and most of Arizona saw some of the nation's largest declines in prices.

Nationally, home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006, the index reported.

A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The index released Monday also showed that all 20 of the nation's biggest cities posted annual gains for the third straight month.

Besides Phoenix, cities with big price gains included San Francisco, at 22.2 percent, and Las Vegas, at 20.6 percent. New York City had the smallest annual increase, at 2.6 percent.

Tucson home prices weren't listed in the Case-Shiller index. They have been reported by various local and state economists and experts to have risen about 16 percent in the last year.

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