US Home Prices Climb in December, Best Yearly Gain Since 2006

U.S. single-family home prices climbed in December, closing out 2012 with the biggest yearly gain in more than six years. The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.9 percent in December on a seasonally adjusted basis. On a non-adjusted basis, prices were up 0.2 percent.

Prices in the 20 cities jumped 6.8 percent year-over-year.

Atlanta and Detroit posted their biggest year-over-year increases of 9.9% and 13.6% since the start of their indices in January 1991. Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001. Phoenix continued its climb, posting a year-over-year return of 23.0%; it posted eight consecutive months of double-digit annual growth.