WASHINGTON (AP) — U. S. home prices rose at a healthy pace in December compared with a year ago, driven higher by rising sales and a smaller supply of available homes.

The Standard & Poor's/Case-Shiller 20-city home price index, released Tuesday, rose 6.8 percent in December compared with the same month a year ago. That's up from a 5.5 percent annual gain in November.

Nationwide, the report showed that prices rose 7.3 percent in 2012. That is similar to other home price measures that show a healthy gain last year.

Prices also rose in December compared with a year ago in 19 of the 20 cities tracked by the index. New York was the only metro area to show a decrease.

Steady price increases should help fuel the housing recovery. They encourage more people to buy before prices rise further. Higher prices also build homeowners' wealth, which can spur more spending and economic growth.

Purchases of previously occupied homes rose last year to their highest level in five years. The National Association of Realtors forecasts that sales will rise 9 percent this year. Independent economists have similar forecasts.

At the same time, the number of available homes for sale fell last month to the lowest level in 13 years.

In December, the 20-city index ticked up 0.2 percent from the previous month, reversing November's small decline.

The S&P/Case-Shiller index covers roughly half of U. S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The December figures are the latest available.

Despite the increases, prices nationwide are still about 30 percent below the peak they reached at the height of the housing bubble in the summer of 2006. They are now at the same level as in the fall of 2003.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel