As of the fourth quarter of 2012, national average home prices reached levels not seen since autumn 2003, according to the S&P/Case-Shiller Home Price Indices data through December 2012. The national composite increased 7.3 percent over the course of the year, and the 10- and 20-city composites reported returns of 5.9 percent and 6.8 percent, respectively. Both the 10- and 20-city composites gained 0.2 percent month-over-month, making up November's losses.
"Housing and residential construction led the economy in the 2012 fourth quarter," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.
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