Tuesday, August 27, 2013

Home Prices Rose 2.2% in June

Existing home prices continued to rise in June according to the Case-Shiller index, both the 10- and 20-city indices rose 2.2% from the previous month. The broader, 20-city index is now 12.1% above year-ago levels. June’s gains were widespread geographically as well, with every metropolitan are surveyed reporting a gain in June. All of the 20 metro areas continue to report gains from year-ago levels as well.

All of the metropolitan areas surveyed reported improvements, both over the month and the year. June’s gains ranged from a 1.3% gain in Charlotte, to a 2.8% gain in San Diego. Compared to a year ago, Las Vegas has fared the best, with prices rising 24.9%. New York, which lost much less value in the crisis, has seen the weakest gains, rising 3.3% from a year ago.

Despite the improvements seen recently, home prices remain well below the levels seen at the peak of the bubble. The 20-city index remains 22.7% below its July 2006 peak.

Read the S&P release.

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