Tuesday, September 24, 2013

Home Prices Rose 1.8% in July

Existing home prices continued to rise in July according to the Case-Shiller index. The 10- and 20-city indices increased 1.9% and 1.8% respectively. The 20-city index is 12.4% above year ago levels, its fastest pace since early 2006. 18 of the 20 metro regions posted gains or remained neutral. All of the 20 metro areas continue to report gains from year-ago levels as well.

The details of July’s report were mainly positive. Price gains were the highest in Las Vegas at 2.5% to stagnant in Boston. Only Minneapolis and Cleveland saw a decline in prices over the month, dropping 0.7% and 0.2% respectively.

Home prices still remain well below the levels seen at the peak before the recession. The 20-city index is 21.3% below its July 2006 peak.

Read the Standard and Poor release.

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