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U.S. home prices surged higher in December, just months after hitting a high last seen at the height of the housing bubble a decade ago.
The S&P/Case-Shiller 20-city index rose 5.6% in the three-month period ending in December compared to a year ago, up from a 5.2% annual gain in November.
The broader national index rose 5.8% for the year in the December period, the strongest gain in 30 months. Economists had forecast a 5.4% increase in the 20-city index, which attracts more attention than the national measure.
In December, the hottest markets were again in the West. Seattle prices rose 10.8% compared to a year ago, Portland prices were up 10.0%, and Denver saw increases of 8.9%. Twelve cities had bigger annual price gains in December than November.
| Metro | Monthly change | 12-month change |
| Atlanta | 0.2% | 6.3% |
| Boston | 0.6% | 6.3% |
| Charlotte | 0.1% | 5.6% |
| Chicago | 0.5% | 4.9% |
| Cleveland | 0.4% | 4.4% |
| Dallas | 0.2% | 8.1% |
| Denver | 0.1% | 8.9% |
| Detroit | -0.2% | 6.2% |
| Las Vegas | 0.3% | 5.8% |
| Los Angeles | 0.3% | 5.4% |
| Miami | -0.1% | 6.8% |
| Minneapolis | -0.1% | 5.7% |
| New York | 0.4% | 3.1% |
| Phoenix | 0.2% | 4.9% |
| Portland | 0.3% | 10.0% |
| San Diego | 0.2% | 5.4% |
| San Francisco | 0.1% | 5.7% |
| Seattle | 0.6% | 10.8% |
| Tampa | 1.1% | 8.4% |
| Washington | 0.5% | 4.2% |
The national index is 0.5% higher than its July 2006 peak, while the 20-city index is still 6.7% lower.
The post National Home Prices Hit a 2.5-Year High in December, Case-Shiller Says appeared first on Real Estate News & Advice | realtor.com®.