“A dwindling supply of homes for sale is helping prices.
The Standard & Poor’s/Case-Shiller home price index for December shows home prices posted the biggest year-over-year increase last year in six years.
Boosted by decreasing inventory and increasing demand, the 20-city index shows prices rose 6.8% in 2012 compared to the year before with price hikes in 19 of 20 major cities tracked, according to the report released Tuesday. Only New York fell, down 0.5%.
On a monthly basis, the 20-city index gained 0.2% in December. Nine cities posted positive monthly gains in December.
The Case-Shiller national composite index, which covers all nine U.S. census divisions, posted a 7.3% gain in the fourth quarter over a year earlier”