Home prices post largest annual gain since 2006

WASHINGTON (MarketWatch)
Prices for U.S. homes rose in March, reaching the highest year-over-year growth rate since April 2006, with annual gains in all 20 cities tracked by S&P/Case-Shiller, according to data released Tuesday
Signaling continued housing-market momentum, the 20-city composite index rose 1.4% in March, the largest monthly growth since July, and was up 10.9% from the same period in the prior year
On a seasonally adjusted basis, prices rose 1.1% in March
Phoenix posted the largest year-over-year price growth at 22.5%, while New York had the lowest at 2.6%
Low inventory and interest rates, as well as pent-up demand, are supporting home prices
Despite recent gains, the 20-city composite index indicates that prices remain about 28% below a 2006 peak