Case-Shiller HPI Posts 7% Increase for 2012

House prices reversed course in 2012 after falling 4.1% the year prior, according to the S&P Case-Shiller 20-city house price index.

Standard & Poor’s reported Tuesday morning that prices rose 6.8% in 2012, including a 0.2% increase in December.

The 20-city HPI bottomed out in March and “continued to show both year-over-year and monthly gains in December,” according to David Blitzer who chairs S&P’s index committee.

He noted Phoenix posted a year-over-year price gain of 23%, while Atlanta and Detroit posted 9.9% and 13.6% year-over-year price increases, respectively.

“These movements, combined with other housing data, suggest that while housing is on the upswing some of the strongest numbers may have already been seen,” Blitzer said.

On Monday, Lender Processing Services reported that house prices rose 5.8% in 2012 after falling 3.2% in 2011.