Existing home prices rose by 0.9% in July according to both Case Shiller’s 10- and 20- city indices. This led to a slight improvement in year-over-year prices compared to last month. The 10-city index is down 3.7% from last year compared to the 3.9% reported last month. The 20-city index is down 4.1% from last year compared with the 4.6% drop reported last month.
Both the 10- and 20- city indices remain well below their mid-2006 peaks, sitting at 31.0% and 30.9% below their respective peaks.
Of the 20 metro areas surveyed only Las Vegas and Phoenix posted declines over the month, falling 0.2% and 0.1% respectively.
Only the Detroit and Washington metro areas are currently showing year-over-year growth, up 1.2% and 0.3% respectively. The declines over the year seen by the rest range from a 1.9% year-over-year decline in Boston to a 9.1% year-over-year decline in Minneapolis.
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