by Christopher Freeburn | July 30, 2013 10:22 am
On Tuesday, a fresh report showed continued signs of strength in the U.S. real estate market.
In May, home prices in 20 cities measured by the Standard & Poor’s/Case Shiller index rose 12.2% over the prior year. That marked the largest yearly price increase since March 2006, the Associated Press notes.
The index found year-over-year home price gains in all 20 metropolitan markets. Prices also rose in May compared to April.
Since May, the average interest rate on a 30-year mortgage has risen by one percentage point, hitting 4.51%, its highest reading in two years.
Despite the news, homebuilder stocks were mixed in Tuesday morning trading. Shares of Ryland Group (RYL) surged more than 2%, while shares of Toll Brothers (TOL) rose modestly and D.R. Horton (DHI) fell almost 1%.
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