Advertisement
Share

Case-Shiller index shows third month of home-price increases

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Home prices in major U.S. cities increased in June for the third consecutive month, according to a closely watched index. But such upticks are often seasonal and home prices could begin declining again if demand remains weak.

The Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas rose 1.1% from May to June when left unadjusted for seasonal variations. Prices often rise in spring and summer because of changes in the types of homes selling: Foreclosures make up a higher proportion of sales during the winter as families take a break from home shopping and cash-rich investors dominate the market.

Higher sales volumes in spring also push up prices. But compared with June 2010, home prices fell 4.5%, according to the index released Tuesday.

Also released Tuesday was the S&P/Case-Shiller U.S. national home price index, which looks at home prices nationally. It rose 3.6% in the second quarter of 2011, after having fallen 4.1% in the first quarter of 2011.

Advertisement

The national index still posted an annual decline of 5.9% versus the second quarter of 2010. National home prices are at their 2003 levels.

RELATED:

A silent spring for housing

Historic day for interest rates: 10-year Treasury yield falls below 2%

Mortgage rates fall to lowest level in Freddie Mac survey’s history

-- Alejandro Lazo
Twitter: @AlejandroLazo


Advertisement