Home Prices On the Rise

Home prices rose in 20 major cities in the U.S. in July according to the latest Standard & Poor's/Case Shiller index that was released this morning. The increase of 1.2% in July, was compared to the same month last year, and it represents the second straight year-over-year gain after two years without one. The report also says prices rose in July from June in all 20 cities tracked by the index. That's the third straight month in which prices rose in every city. 

In the 12 months ending in July, prices have risen in 16 of 20 cities. In the D.C. area, which for the Case-Shiller index's purpose is made up of 23 counties in VA, MD and DC -  prices rose on both a monthly (1.5%) and annual (3.7%) basis.

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices has this to say about the recent news:
“All 20 cities and both Composites were up on the month for the third time in a row. Even better,
16 of the 20 cities and both Composites rose over the last year. The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence."

For the full report click here