US home prices rose in most major cities in October compared with a year ago, pushed up by rising sales and a decline in the supply of available homes, Time Magazine reported December 26, 2012.
The Standard & Poor’s/Case-Shiller national home price index increased 4.3 percent in October
Boston home prices increased 1.6 percent in October compared to October 2011, according to Case-Shiller, Boston.com reported. Inventory has declined in the Greater Boston Area over the past year, one factor in the increase in home prices.
Prices rose in October from a year ago in 18 of 20 cities. Phoenix led all cities with a 21.7 percent gain, followed Detriot, where prices increased 10 percent. Prices declined in Chicago and New York.
Across the U.S., home prices have posted year-over-year gains for five consecutive months after declining for almost two years. Case-Shiller reported that home prices have now returned to fall 2003 levels, but remain about 30 percent lower nationally than the high point in the summer of 2006.