US home prices rise steadily in June as sales pick up
Source: Associated Press, via Yahoo!
US home prices rise steadily in June, another sign of improvement in housing market
Associated Press By Paul Wiseman, AP Economics Writer
6 minutes ago
WASHINGTON (AP) -- U.S. home prices rose solidly in June, another sign of health in the housing market.
The Standard & Poor's/Case-Shiller 20-city home price index rose 5 percent from a year earlier, a slight improvement on May's 4.9 percent increase, according to S&P Dow Jones Indices.
Prices rose 10.2 percent in Denver, 9.5 percent in San Francisco and 8.2 percent in Dallas. Chicago posted the smallest gain, just 1.4 percent.
Strong sales have been lifting prices. The National Association of Realtors said last week that sales of existing homes rose 2 percent in July to a seasonally adjusted annual rate of 5.59 million, the fastest pace since February 2007. The Commerce Department reported last week that U.S. builders started work on single family homes in July at the fastest pace since late December 2007, the month the Great Recession began.
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