(Bloomberg) -- Home prices in 20 U.S. cities rose at a faster pace than projected in the year through March, reflecting a limited number of available properties on the market.
The S&P/Case-Shiller index of property values increased 5 percent from March 2014 for a second month, the group said Tuesday in New York. The median estimate of 25 economists surveyed by Bloomberg called for a 4.6 percent year-over-year advance. Nationally, prices rose 4.1 percent from March 2014.
Higher home prices along with lean inventory and limited income growth have tempered the recovery in residential real estate. More construction, particularly of cheaper properties, would help boost supply and bring purchases within reach of more Americans looking to take advantage of low borrowing costs.
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