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.
Most Popular Stories
- India Recognizes Transgender People as 'Third Gender'
- German Firm Starts Gas Deliveries to Ukraine
- Alfonso Wins Executive of the Year Award
- Five Secrets for Keeping a Job
- The 420 on the Hemp Products Giveaway
- Study: Casual Marijuana Use May Cause Brain Changes
- Bankrupt Detroit Makes Deal With Retired Cops, Firefighters
- Coca-Cola Soda Sales Lose Pop
- Grand Jury Seated in Rick Perry Ethics Case
- U.S. Homebuilder Confidence Edged Up in April