Home prices rose month-over-month in June in all cities tracked by Standard & Poors/Cash Shiller’s monthly home price index (HPI). The national composite showed a near-7% increase in the second quarter alone.
“Home prices gained in the second quarter,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “In this month’s report all three composites and all 20 cities improved both in June and through the entire second quarter of 2012. All 20 cities and both monthly Composites rose for the second consecutive month. It would have been a third consecutive month had we not seen home prices fall in Detroit back in April.”
The national composite rose by 6.9% in the second quarter and is up 1.2% year-over-year, according to the index, with the 10- and 20- city composites mimicing those results, Blitzer said. Two cities, Charlotte and Dallas, did see annual rates of change worsen in June, but the 18 other cities S&P tracks saw improvement and 13 of those showed a positive trend.
“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change,” Blitzer said. “The market may have finally turned around.”
Written by Elizabeth Ecker