Here’s the next piece of positive news on the housing market: U.S. home prices rose in the second quarter for the first time in three years while logging a second-straight monthly increase in June, according to the S&P Case-Shiller home-price indexes (WSJ). Out of the 20 cosmopolitan cities that were part of the data, five posted a decline while the rest rose. From last year, home prices dropped 15% but rose 1.4% from May.
Tampa, Detroit, Charlotte, Las Vegas, and Seattle were the dropped with LV still the biggest loser. Cleveland and San Francisco gained the most.
Some inputs from CalculatedRisk:
- The Composite 10 index is off 32.6% from the peak, and up about 9% (annualized) in June. It is off 15.1% over the last year.
- The Composite 20 index is off 31.4% from the peak, and up in June. It is off 15.4% over the last year.
Here’s a chart also from CR showing the price movements from ’87.