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Home prices make strong gains

February 26, 2013|By Alejandro Lazo
  • A sign advertising lots for sale to build luxury homes in Deale, Md., near the Chesapeake Bay.
A sign advertising lots for sale to build luxury homes in Deale, Md., near… (MCT )

Home prices across the U.S. posted sizable increases in December, indicating the housing recovery gained momentum at the end of last year.

The widely followed Standard & Poor’s/Case-Shiller index was up 0.2% from the prior month and 6.8% year-over-year. A broader quarterly index also released Tuesday by S&P/Case-Shiller showed national home prices up 7.3% on the year.

“Home prices ended 2012 with solid gains,” David M. Blitzer, chairman of S&P’s index committee, said in a statement. “Housing and residential construction led the economy in the 2012 fourth quarter.”

Nineteen out of the 20 metro areas covered by the index posted year-over-year gains, with only New York falling. California cities also posted strong increases.  San Diego rose 9.2%, Los Angeles was up 10.2% and San Francisco gained 14.4%.

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