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There was a year-over-year decline in home prices in both Chicago and New York City, according to figures released at the end of December 2012 in the S&P/Case Shiller Index. While home prices in the United States rose 4.3% over last year, the NYC market experienced a 1.2% year-over-year drop and a 0.4% month-over-month decrease.

The Index, which is published by S&P Dow Jones Indices, declined a modest 0.1% in October, from the previous month. The firm tracks the value of single-family housing in twenty of the United States’ largest urban markets.

According to David Blitzer, Chairman of the Index Committee, “Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy.”

The highest annual gain in housing market prices was posted in Phoenix, Arizona – a jump of 21.7% from October 2011.

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