Here's some welcome news for homeowners: After years of downturn, housing prices shot up in 2012.

Prices rose 7.3% in 2012, according to a closely-watched reading released Tuesday.

The report from S&P Case-Shiller covered home prices across 20 major housing markets nationwide in the final three months of the year. It comes ahead of a government report due later Tuesday which is expected to show a continued rise in new home sales.