Home prices in the U.S. climbed about 0.5 percent in June to $151,600, according to the Real Estate Market Reports from research firm Zillow.
Roughly 62 percent of major metropolitan areas in the U.S. saw prices rise, with only 49 of the 167 areas studied experiencing declines. Of the 30 largest metro areas covered, Phoenix experienced the largest monthly increase, with home values rising 2.2 percent. Other large metro areas with notable monthly increases include San Francisco (1.2 percent) and Denver (1 percent).
"This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases," said Zillow Chief Economist Stan Humphries. "Tight inventory levels are leading to bidding wars and multiple offers across the country. Looking ahead, we expect to see less aggressive increases in the fall as rising values lift some would-be sellers out of negative equity, allowing them to place their homes on the market."
Also, foreclosures continued to decline in July, with 5.7 out of every 10,000 homes in the country being foreclosed. That was down from 6.5 out of every 10,000 homes in June.
