Phoenix home prices begin recovery

The Phoenix housing market got back in the win column in December as seasonally-adjusted median home prices rose 0.5 percent from November, according to the S&P/Case Shiller Home Price Index. The December advance outpaced the national monthly gain of 0.3 percent for the 20 major U.S. cities in the index. In all, 14 cities posted month-over-month gains in December, led by Los Angeles where prices rose 1.5 percent.

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