Report says home prices rose in July

September 25th, 2012

Strengthening home prices may reveal that the broken housing market is slowly recovering.

Home prices are continuing their ascent across the country, bringing positive news to both current homeowners and buyers.

The S&P/Case-Shiller Home Price Indices for July revealed a 1.5 percent increase in prices from June for the 10-city composite and a 1.6 percent increase for the 20-city composite. The increase represents the third consecutive month of gains for the 20-city composite. Cities hit hardest by the housing crisis, such as Miami and Phoenix, also posted gains during this period.

"The news on home prices in this report confirm recent good news about housing," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "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."

In the first years following the housing crisis, home prices improved disproportionately across the U.S., prompting many young adults to seek out a relocation mortgage solely in areas that were performing strongly.