December 29, 2012 at 03:00 AM EST
Housing Prices Rise in Majority of Cities Indexed reports Greater Austin Homes
(EMAILWIRE.COM, December 29, 2012 ) Austin, TX -- According to the Standard & Poor's/Case-Shiller report released on Tuesday, home prices increased in September in a majority of the U.S. Cities. The numbers indicate a housing recovery is underway, which may give a lift to the fragile economy.

The report expressed that within the 20-city index of homes, prices rose 3% in September compared to numbers from the same month last year. Prices gained 3.6% in July through September compared with the same quarter in 2011.

Across the United States, prices increased within 18 of the 20 cities within a full year's time.

In Phoenix, prices rose 20.4% over the year and lead all cities. Prices in Atlanta had the lowest of growth, with a 0.1% increase, which ended 26 straight months of year-over-year declines.

Collective prices rose from August to September as well. Five metro regions posting declines while two remained unchanged.

Las Vegas was one of the hardest hit during the housing crisis, as prices increased 1.4%, marking the largest month-over-month gain. Phoenix and Minneapolis saw a 1.1% month-over-month rise. The largest decline noted was in Cleveland, where prices fell 0.9% in the same measure.

David M. Blitzer, who chairs the Case-Shiller Index, stated that adjusting for seasonal factors exposed only one city that was in decline within September. That is an improvement from the two found in August. Despite the seasons, housing continues to improve, stated Blitzer.

The S&P/Case-Shiller index covers nearly half of the U.S. homes. The index measures prices compared to January 2000 prices, and creates a three-month moving average. September is the latest figure available to the index.

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