Across the U.S., home prices were higher in October than a year prior, according to the Standard & Poor’s/Case-Shiller home price indices released Dec. 26.
Home prices were higher in 18 of the 20 major metropolitan areas tracked by the S&P/Case-Shiller indices for the 12 months ended in October, with only Chicago and New York City showing negative annual returns. The S&P/Case-Shiller 20-city composite was up 4.3 percent in October 2012 compared to the previous year.
Phoenix, Detroit, Minneapolis, Miami and Las Vegas were among the biggest winners, with each city’s index rising more than 8 percent, year-over-year.
The New York City index declined 1.2 percent for the year ended in October.
At IHS Global Insight, U.S. Economist Patrick Newport said home prices will likely continue to rise in 2013 due to a stronger economy, low interest rates and a low inventory of new homes.