Home prices rise for fourth straight month

by Property Management Software on October 15, 2011

Home Prices Rise

Home Prices Rise

Home prices in July climbed for the fourth month in a row, but are still down from a year ago.

 

According to the latest S&P/Case-Shiller home price index of 120 major cities, prices rose 0.9% in July compared with June, but they’re still 4.1% lower than 12 months ago.

 

“We are far from a sustained recovery” said S&P spokesman David Blitzer. “Continued increases in home prices through the end of the year . . . must materialize before we can confirm a housing market recovery,”

 

Adjusted for seasonal differences, the 20-city index was flat month-over-month. But a handful of cities have shown surprising strength recently. In Detroit for example, prices jumped 3.8% month-over-month, after spiking 5.8% in June. Minneapolis prices increased 2.6% and Washington recorded a 2.4% rise.

 

Weakness continued in Las Vegas, which was down 0.2% month-over-month and in Phoenix, which edged 0.1% lower. Blitzer cited some positive signs for the struggling housing market. Existing home sales were up 20% in August compared with 12 months earlier. Foreclosures have dropped most of the year.

 

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