U.S. home prices jumped in January year-over-year - with Arizona leading the way - in a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7 percent nationally in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3 percent increase in December and the biggest annual gain since April 2006.
The states with the biggest price gains were Arizona, where prices rose 20.1 percent, followed by Nevada, with 17.4 percent, and Idaho, with 14.9 percent. California and Hawaii rose 14.1 percent and 14 percent, respectively.
Phoenix was the city with the biggest gain, up 22.7 percent.
Prices rose in all states except Delaware and Illinois.
Home prices also rose 0.7 percent nationally in January from December. That's a solid increase given that sales usually slow over the winter months.
Rising demand and fewer available homes are pushing up prices.
Please Wait…