US Home Prices Rose for Sixth Month in a Row: Case-Shiller

U.S. single-family home prices rose for a sixth month in a row in July, though the improvement was not as strong as expected, a closely watched survey showed on Tuesday.


The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.4 percent in July on a seasonally adjusted basis, shy of economists' forecasts for 0.9 percent, according to a Reuters poll.

On a non-adjusted basis, prices fared better, rising 1.6 percent.
National home prices increased 1.2 percent in July compared with the same month a year earlier. It was the second straight year-over-year gain after two years without one.
Six years after its collapse, economists believe the housing market has turned a corner. The home price data confirmed "recent good news'' about the sector, David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement. "All in all, we are more optimistic about housing. Upbeat trends continue."