Home Prices Rising in Many Big Cities

Cities See Real Estate Price IncreasesHome prices are beginning to rise after a six-year slump in cities from San Francisco to Miami, where jobs and activities appeal to younger and affluent buyers.

“A number of the cities that have done the best have been glamour cities,” said Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller property-value indexes. “People have this speculative fervor. It comes back.”

A tight supply of homes and an increase in affordability fueled by record-low mortgage rates are helping shore up some regional markets where values plunged during the recession. San Francisco’s home prices rose at a 16 percent annual rate in the three months that ended in April, Case-Shiller shows.

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