(Bloomberg) -- Home prices in 20 U.S. cities rose at a fasterpace than projected in the year through March, reflecting a limitednumber of available properties on the market.
The S&P/Case-Shiller index of property values increased 5percent from March 2014 for a second month, the group said Tuesdayin New York. The median estimate of 25 economists surveyed byBloomberg 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 incomegrowth have tempered the recovery in residential real estate. Moreconstruction, particularly of cheaper properties, would help boostsupply and bring purchases within reach of more Americans lookingto take advantage of low borrowing costs.
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