Home prices rose in 18 of the 20 cities that are part of Standard & Poor’s Case-Shiller Index. It was the first quarterly increase in three years, providing a glimmer of hope that the housing market is beginning to make a recovery.

After three years of declines, home prices rose 2.9 percent in the quarter ended June 30, according to the report.

Las Vegas and Detroit, hit hard by the housing crisis and high unemployment, were the only two cities where prices continued to fall.

Cleveland, with a 4.2 percent gain in home prices between May and June, and San Francisco, with a 3.8 percent gain, were among those cities to realize the most gain.

Prices in the Miami metropolitan area rose 0.5 percent between May and June, improved from a 0.8 percent drop between April and May. However, year-over-year prices in the Miami area were down 23.4 percent.

“For the second month in a row, we’re seeing some positive signs,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, in a news release.

As of the second quarter, average home prices across the U.S. are at similar levels to what they were in early 2003. However, from the peak in the second quarter of 2006, average home prices are down 30.2 percent.    

 

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Contributed by Mario Romero, CRS, CDPE, CLHMS
602-252-4191 office, 602-254-9810 fax
The Romero Team - Melcher Agency
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