Home prices increased in 20 cities for February 2018, according to recent reports which also revealed that it has been the fastest pace of increase since mid-2014.
"The 20-city property values index increased 6.8% year-over-year after rising 6.4% the previous year, making this the fastest gain since June 2014," according to National Mortgage News.
"The national home-price gauge rose 6.3% year-over-year. The seasonally adjusted 20-city index rose 0.8% compared with January. The current index level of 209.29 is highest in records dating back to 2000."
The increase in home prices has not discriminated in terms of region. Areas like Los Angeles are on the expensive side of the increases while cities like Cleveland and Detroit happen to be on the lower side of the spectrum.
Each of these areas are seeing strong growth in homes prices, confirming the heightened demand and lack of inventory. That does limit the amount of affordable options for many prospecting buyers.
"Growth in property values continues to outpace wages, another hurdle for younger or first-time buyers looking to enter the housing market," according to NMN.
"Meanwhile, the ongoing price gains are translating into rising home equity for owners."
Home-price increase has been a popular topic over the past couple of months as most areas saw a pretty expensive first quarter. It will be interesting to see how this trend either progresses or regresses throughout the remainder of the year.
To learn more about the rise in home prices across 20 cities, click on the image above.