U.S. Housing Price Index Surges 12% in February

The United States index of home prices in 20 major cities rose by 11.9% in February on an annual basis, data by S&P Dow Jones Indices showed on Tuesday.

On a monthly basis, the index leveled up by 1.2%, according to the S&P CoreLogic Case-Shiller Index.

This marked the largest increase for the index since February 2006.

Meanwhile, the index that measures home prices across the U.S. increased by 12% on an annual basis.

Phoenix registered the biggest increase with a 17.4% surge, followed by San Diego and Seattle with 17% and 15.4%, respectively.

Recent data by Fannie Mae and Freddie Mac suggested that the median home price in the U.S. increased by $35,000.