The S&P/Case-Shiller home price index increased 5.0% in February, exceeding expectations for a 4.7% rise, after a 4.5% gain in January.

January's figure was revised down from a 4.6% rise.

Chairman of the index committee at S&P Dow Jones Indices David Blitzer said that "home prices continue to rise and outpace both inflation and wage gains".

The S&P/Case-Shiller home price index measures single-family home prices in 20 U.S. cities.