U.S. home prices rose in July compared with June, the third monthly increase in a row, according to an authoritative housing report.
Prices across 20 major metropolitan areas collectively rose 1.6 percent from June to July, following a 1.4 percent bump up the previous month, according to the Case-Shiller/S&P Home Price Index. Still, the 20-city composite is down 13.3 percent for the year, and every one of the 20 metro areas saw prices drop compared with a year ago.
“We’ve seen a sustained monthly increase for three months in a row, which might indicate the beginning of a turnaround in some markets,” said Maureen Maitland, vice president of index services for Standard & Poor’s in New York, which publishes the report.
She and others cautioned, however, that a range of looming factors – rising unemployment, expected new waves of foreclosures and the expiration of an $8,000 federal tax credit for new home buyers – could undercut the tentative signs of stabilization.
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