WASHINGTON – Home prices kept rising in July across the United States, buoyed by greater sales and fewer foreclosures.
The Standard & Poor’s/Case Shiller index reports that national home prices increased 1.2 per cent in July compared with the same month last year. That’s the second straight year-over-year gain after two years without one.
The report also says prices rose in July from June in all 20 cities tracked by the index. That’s the third straight month in which prices rose in every city.
Steady price increases and record-low mortgage rates are helping drive a housing recovery.
Prices in the Phoenix, one of the cities hardest hit by the housing bust, have increased 16.6 per cent in the 12 months ending in July. Prices in Minneapolis and Detroit have risen more than 6 per cent.