Average home prices increased 7.3 percent for the 10-city composite and 8.1 percent for the 20-city composite in the 12 months ending in January 2013, according to the S&P/Case-Schiller Home Price Indices. From December 2012, the 10- and 20-city composites increased 0.2 percent and 0.1 percent, respectively, in January.
"This marks the highest increase since the housing bubble burst," said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25 percent year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels."
All 20 cities posted year-over-year gains, and Detroit was the only city that showed deceleration in returns. The full press release is available here.
