Home prices in the nation's largest cities rose from July to August, according to a closely watched index, adding to a turnaround in housing this year.
The Standard & Poor's/Case-Shiller index of 20 American cities, a key measure that is closely watched by economists, rose 0.9% from July to August and 2.0% from August 2011.
Nineteen of the 20 cities posted positive monthly gains in August.
“Home prices continued climbing across the country in August,” David Blitzer, chairman of the S&P index committee, said in a release announcing the new data Tuesday.
The Phoenix metro area isleading the home price recovery, with home prices there up 18.8% from August 2011. Los Angeles was up 2.1%, San Diego 1.9% and San Francisco 5.3%.