Home prices increased slightly but overall remained relatively flat from June to July, according to the latest S&P/Case-Shiller Home Price Indices, released Tuesday. Both the 10- and 20-city indices increased 0.9 percent over that period of time and, though small, July was the fourth consecutive month of increases.
Even with prices increasing, the annual returns of the 10- and 20-city Composite Home Price Indices were -3.7 percent and -4.1 percent, respectively.
"With July's data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of the 20 cities."
