August average home prices were up in 18 of the 20 cities measured by the Case-Shiller Home Price Indices  from 2011, driving both composites to their highest points since the summer/fall of 2003. The 10-City Composite rose 1.3 percent and the 20-City Composite rose by 2 percent, according to the latest data released on Tuesday.
In addition, 18 of the 20 metros observed by Case-Shiller posted greater annual returns from July 2012. Phoenix continued to lead the growth spurt, displaying prices 18.8 percent higher than a year ago. August was the city’s fourth consecutive double-digit increase.
Atlanta (-6.1 percent), New York (-2.3 percent), and Chicago (-1.6 percent) were the only three metros to experience annual price drops in August.
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