September 29, 2009

U.S. home prices rose in July

The S&P/Case-Shiller price index said U.S. home prices in 18 of 20 cities monitored increased in July over June.

Prices declined only in Seattle, down 0.1 percent, and Las Vegas, down 1.1 percent. In the 20-City composite, prices rose 1.6 percent in the month.

On an annual basis, prices fell in the 10-City and 20-City composite indexes 12.8 percent and 13.3 percent, respectively, the monthly report said.

Although in negative numbers, the annual rate of decline has shown improvement in recent months.

The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets, said David Blitzer, chairman of the Index Committee at Standard & Poor's, in a statement.

The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines, he said.