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December Home Prices Rise Most Since 2006

Las Vegas and Los Angeles posted the largest home price gains


home for salePrices for existing homes in 20 major metropolitan areas jumped 6.8% in December over the same time in 2011, according to the S&P/Case-Shiller Index.

That marked the largest year-over-year gain for the index since July 2006, and topped the 6.6% rise expected by economists, Bloomberg noted.

The Most Expensive Home for Sale in America
The Most Expensive Home for Sale in America

In November, the S&P/Case-Shiller index noted a 5.4% price increase over the prior year. That was revised slightly downward from earlier reports of a 5.5% gain.

Adjusting for seasonal price fluctuations, December home prices in the 20 major markets rose 0.9% compared to November. Without the seasonal adjustment, prices in the 20 cities gained 0.2% in December.

While all 20 major markets posted month-over-month increases, Las Vegas and Los Angeles showed the largest prices rises.

The news provided a boost for homebuilder stocks. Shares of Toll Brothers (NYSE:TOL) and D.R. Horton (NYSE:DHI) climbed more than 2% in Tuesday midday trading, while Ryland (NYSE:RYL) shares gained more than 1%.

Article printed from InvestorPlace Media,

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