Existing home prices continued to improve in July, with the Case-Shiller 20-city index rising 1.2% above year ago levels. Last month was the first time home prices had risen above year-ago levels since September 2010. Both the 10- and 20- city indices saw strong gains in July, rising 1.5% and 1.6% respectively. Despite their strong recent improvement, home prices remain 30% below peak levels.
Every metropolitan area surveyed saw month-over-month gains in home prices. Additionally, an increasing number of metro areas are seeing positive year-over-year gains. Sixteen of the 20 metro areas surveyed now have prices above year-ago levels, up from 13 the previous month. Los Angeles, San Diego, and Boston all saw their prices appreciate for the first time this month. New York, Las Vegas, Atlanta, and Chicago are the remaining cities with home prices remaining below year-ago levels.
Read the S&P release.