Annual rise for US home prices

Home prices in the biggest US cities recorded their first annual increase in almost four years in February, but price drops in some areas have fuelled worries over the housing market’s recovery. The S&P/Case-Shiller home price index showed house prices rose by 0.6 per cent in February compared with the same month a year ago – the first year-on-year increase since December 2006. However home prices fell by 0.9 per cent from January.