WASHINGTON (AP) — U.S. home prices jumped by the most in more than seven years in March, as an increasing number of would-be buyers compete for a dwindling supply of houses. The March S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 13.3% from a year earlier, the biggest gain since December 2013. That increase followed a surge of 12% in February. The large gains suggest that the pandemic has spurred more Americans to seek out the extra room provided by a single-family home. Yet at the same time, COVID has discouraged many homeowners from selling and opening up their homes to would-be buyers.
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