WASHINGTON (AP) - U.S. home prices rose in January at the fastest pace since the summer of 2006, just before the housing bubble burst. The gain shows the housing recovery is strengthening ahead of the spring buying season.
The Standard & Poor's/Case-Shiller 20-city home price index climbed 8.1 percent in the 12 months ending in January That's up from a 6.8 annual gain in December. Prices rose in all 20 cities, led by a 23 percent gain in Phoenix.
Prices rose in 11 of 20 cities on a month-over-month basis. Those numbers are not seasonally adjusted and reflect the slower winter buying period.
Closer to home, the median sales price for homes in Chico for Dec. 12 to Feb. 13 was $230,000. This represents an increase of 0.2%, or $500, compared to the prior quarter and an increase of 5.3% compared to the prior year, according to real estate website, Trulia.com
Sales prices have depreciated 16.9% over the last 5 years in Chico. The average listing price for Chico homes for sale on Trulia was $304,203 for the week ending Mar 13, which represents an increase of 2.5%, or $7,291, compared to the prior week and an increase of 1.6%, or $4,906, compared to the week ending Feb 20. Average price per square foot for Chico CA was $149, an increase of 13.7% compared to the same period last year