RENEE MONTAGNE, HOST: NPR's business news begins with a big bump for housing.</s>RENEE MONTAGNE, HOST: House prices went up 10 percent between March of this year and last year. That's according to the latest S&P/Case-Shiller Index. It's the largest gain in housing prices in seven years, putting prices on average where they were in mid-2003.</s>RENEE MONTAGNE, HOST: The biggest boost went to Phoenix, where housing process were up 22 percent over the previous year. Of the 20 cities that make up the Index, a dozen saw price increases in the double digits. Analysts chalk the increase up to economic recovery and new record low mortgage rates.
It's now clear that the housing sector has bounced back from its long downturn. In March, prices had the biggest year-over-year gain since early 2006.