Housing Prices Climb; Market 'Clearly Recovering' | Waccabuc NY Real Estate

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"Housing is clearly recovering", David Blitzer, chairman of the index committee at S&P Dow Jones Indexes, said in a statement.

"There's a lot of momentum," he added during an interview on CNBC's "Squawk on the Street." "It shows up in all the housing statistics, not just the prices. As far as I can see it's going to continue well into the new year."

Prices in the 20 cities rose 5.5 percent year over year.

It was the 10th month in a row that prices have increased, the longest string of gains since before the market started to turn down in 2006.

The housing market became a bright spot for the economy last year as prices rose and inventory tightened. The sector is expected to contribute to economic growth in 2013.

via cnbc.com

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