U.S. home prices rose in the 12 months ending in January 2013, according to the Standard & Poor's/Case-Shiller Home Price Indices report released today. Data show average U.S. home prices increased 7.3 percent in the 10-city composite and 8.1 percent in the home price index's 20-city composite.
"The Southwest (Phoenix and Las Vegas) plus San Francisco posted the highest annual increases; they were also among the hardest hit by the housing bust," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
He noted that Atlanta and Dallas also recorded their highest year-over-year gains.
Each city in the 20-city composite showed gains year over year, with Phoenix on top with a rise of 23.2 percent. Detroit was the only city to slow down, despite having a positive return in double digits. New York, meanwhile, hit the black after more than two years of negative annual returns, according to the report.
"Economic data continues to support the housing recovery," Blitzer said. "Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013."
He noted, however, that numbers overall are still down 25 percent year-over-year. "Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels," he said.
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