In another sign of a turnaround in the long-battered real estate market, average home prices returned to the best level in nine years in July. According to the closely watched S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, the typical home price in July rose 1.6% compared to the previous month.
It marked the third straight month that prices in all 20 major markets followed by the index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for a slight decline in Detroit in April. The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June.
Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices. Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.
Read entire post at CNN Money | By Chris Isidore | Posted September 25, 2012
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