U.S. home prices ended 2012 on a strong note, according to the latest data from the S&P/Case-Shiller Home Price Indices.
The national composite posted an increase of 7.3% for 2012, while the 10- and 20-city composites reported annual returns of 5.9% and 6.8% in 2012. Month-over-month, both the 10- and 20-city composites moved into positive territory with gains of 0.2%. Nineteen of the 20 metropolitan statistical areas posted positive year-over-year growth, with only New York failing to make the grade.
‘Home prices ended 2012 with solid gains,’ says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. ‘Housing and residential construction led the economy in the 2012 fourth quarter.’