Written by: Sandy Williams
Home prices showed strong gains at the end of 2012 according to the S&P/Case-Shiller Home Price Indices. The national composite increased 7.3 percent in 2012 after surging in the second and third quarter and dipping slightly in the fourth period. The yearly indices for the 10- and 20-City Composites posted annual returns of 5.9 percent and 6.8 percent in 2012. Of the 20 cities, all except New York showed year-over-year growth.
“Atlanta and Detroit posted their biggest year-over-year increases of 9.9% and 13.6% since the start of their indices in January 1991. Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001. Phoenix continued its climb, posting an impressive year-over-year return of 23.0%; it posted eight consecutive months of double-digit annual growth,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
The monthly indices for the 10-and 20-City composites both gained 0.2 percent reversing the previous month’s losses.
“These movements, combined with other housing data, suggest that while housing is on the
upswing some of the strongest numbers may have already been seen,” said Blitzer.
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