The S&P/Case Shiller index, released on Tuesday, showed that home prices increased in June. That marked the fifth straight month-over-month rise in prices and suggested that the real estate market continues to make a slow, but steady recovery.
Home prices in 20 major cities increased a 0.5% in June, compared to last year, according to the index.
Economists had expected prices to decline by 0.05% in those markets, Bloomberg noted.
June’s increase marked the first year-over-year increase in nearly two years.
Prices in Phoenix increased 14% over last year, while prices in Atlanta dropped 12.1% compared to 2011.
In May, the S&P/Case Shiller 20-city index showed a 0.7% drop in home prices compared to last year.
Adjusting for seasonal fluctuations, home prices in the 20 cities rose 0.9% compared to May. Without the adjustment, June home prices increased 2.3% over the prior month.
Home prices across the U.S. rose 1.2% during the second quarter, compared to last year, reversing a 1.4% year-over-year decline in the first quarter.
Analysts noted that rising home prices signaled that the real estate market recovery was spreading to even states hit hardest by the housing downturn.