S&P/Case-Shiller: Home Prices Rise Again in July

Home prices have risen in 20 large cities for four straight months

   

S&P/Case-Shiller: Home Prices Rise Again in July

Data released this morning offered more support for a recovering U.S. housing market.

The Standard & Poor’s/Case-Shiller index of home prices in 20 cities rose 1.6% in July. That marked the fourth consecutive monthly increase in home prices, which are now at an almost two-year high, the Los Angeles Times noted.

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All 20 cities in the index posted month-over-month price gains for the third straight month. Prices rose 1.2% compared to last year. That topped analysts, who expected a 1.1% increase over 2011.

Despite the gains, home prices in the 20 largest cities remain 30% lower than their highest point in 2006.

Phoenix posted the largest year-over-year price rise, while home prices in Atlanta remain down 9.9% from 2011, but rose 2.6% compared to June.

Economists said the new report confirmed positive trends in the housing market.

Housing stocks posted gains on the good news. Shares of Toll Brothers (NYSE:TOL) rose fractionally, while D.R. Horton (NYSE:DHI) gained 1% and Ryland (NYSE:RYL) moved up almost 2% in Tuesday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/spcase-shiller-home-prices-rise-again-in-july/.

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