The Federal Housing Finance Agency reports that U.S. home prices climbed 1.8 percent in March, the largest monthly gain in at least two decades as housing recovery gains steam. The rise from the previous month topped analyst estimates, which ranged from a 0.2 percent decline to a modest improvement of 0.7 percent. Such factors as all-time-low rates, job gains and a dearth of properties for sale in many markets are working together to bolster demand for homes. In addition, sales of new homes rose to a seasonally adjusted annual rate of 343,000 units in April, up 3.3 percent from March and 9.9 percent higher than a year earlier, the Commerce Department reported. The median price of a new home hit $235,700 last month, a gain of 4.9 percent from April 2011. The data provides additional evidence that the housing market is starting to rebound.
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