Home prices across the U.S. rose 1.6 percent in July, according to the latest S&P/Case-Shiller Home Price Index of prices in the country's 20 largest metropolitan areas.
The latest recording indicates home prices are up 1.2 percent annually, and that 15 of the 20 markets posted better annual returns in July as compared with June. What's more, all 20 markets recorded positive monthly changes for the third consecutive month.
"The news on home prices in this report confirms recent good news about housing," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, which published the report. "Single family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue … Stronger housing numbers are a positive factor for other measures, including consumer confidence."
In a statement from Dow Jones Indices, Blitzer said Miami and Phoenix are both well off their bottoms with positive monthly gains since the end of 2011. Many of the markets Dow Jones follows have seen recovery from their respective lows: San Francisco is up 20.4 percent; Detroit, 19.7 percent; Phoenix, 17.0 percent; and Minneapolis, 16.5 percent. These were some of the markets that were hit the hardest when the housing bubble burst in 2006, Blitzer said.
