Home prices increased in July, according to new data released by the S&P/Case-Shiller Home Price Indices.
Average home prices increased by 1.5% for the S&P/Case-Shiller 10-city composite and by 1.6% for the 20-city composite in July versus June. For the third consecutive month, all 20 cities and both composites recorded positive monthly changes.
‘Digging into the numbers, 15 cities and both composites had stronger annual returns in July's report,’ says David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. ‘New York was the only city with a worse 12-month decline in July than June. Dallas and Washington, D.C., saw no change in their annual rates. Cleveland and Detroit saw annual rates decelerate in July versus June, although they remain positive for both cities.
‘The news on home prices in this report confirm recent good news about housing,’ Blitzer adds. ‘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.’