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

by Christopher Freeburn | September 25, 2012 11:00 am

Data released this morning[1] 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.

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[2]) rose fractionally, while D.R. Horton (NYSE:DHI[3]) gained 1% and Ryland (NYSE:RYL[4]) moved up almost 2% in Tuesday morning trading.

Endnotes:
  1. Data released this morning: http://www.latimes.com/business/money/la-fi-mo-case-shiller-housing-prices-20120925,0,5382008.story
  2. TOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=TOL
  3. DHI: http://studio-5.financialcontent.com/investplace/quote?Symbol=DHI
  4. RYL: http://studio-5.financialcontent.com/investplace/quote?Symbol=RYL

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