An index of home prices in the largest American cities rose in September, indicating that low supply and increased demand continue to boost housing.
The Standard & Poor's/Case-Shiller home price index for the 20 largest metropolitan areas in the country rose 0.3% from August and 3.0% from September 2011. It was the sixth consecutive month-over-month increase and the fourth consecutive year-over-year bump.
[For the Record, 11:32 a.m. PST, Nov. 27: A previous version of this post listed Phoenix's August-to-September gain as 1.8% rather than 1.1% and had the number of cities with gains as 19 rather than 13.]
Thirteen areas tracked by the index posted gains over August and 18 posted year-over-year increases. Leading the home price recovery in major metro areas is Phoenix, one of the places that saw some of the steepest declines during the bust. It posted a 1.1% gain from August, and its 20.4% increase from September 2011 was the biggest year-over-year gain among the 20 areas.