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.
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