20 U.S. Cities See Home Price Gains for 2nd Month: S&P/Case-Shiller

All 20 cities measured in a closed-watched national index recorded home price gains for the second straight month in June.
The S&P/Case-Shiller indices showed that average home prices in its 10-city composite were up 2.2 percent and in its 20-city composite were up 2.3 percent – both compared to May.
Most significantly, all 20 cities and both composites recorded positive monthly gains for the second straight month, a positive sign for the recovering housing market.
Moreover, all of S&P/Case-Shiller’s composite indices ended the second quarter with positive annual growth rates for the first time since the summer of 2010.
“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change,” David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The market may have finally turned around.”
The national home-price composite index was up 1.2 percent in the second quarter of 2012, compared with the second quarter of 2011, and it was up 6.9 percent compared with the first quarter of 2012.
The 10- and 20-city composites posted respective annual returns of +0.1 percent and +0.5 percent in June 2012.
Only two cities – Charlotte and Dallas – saw annual rates of decline in June. The other 18 cities and both composites saw improvement, and 13 of these had a positive trend.
There were only six cities – Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego – where the annual rates of change were still negative.
Boston’s annual rate was flat.

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