WASHINGTON — A key housing index shows that U.S. home prices rose solidly in June, another sign of renewed health in the housing market.
The Standard & Poor's/Case-Shiller 20-city home price index rose 5 per cent from a year earlier, a slight improvement on May's 4.9 per cent increase, according to S&P Dow Jones Indices.
Prices rose 10.2 per cent in Denver, 9.5 per cent in San Francisco and 8.2 per cent in Dallas. Home prices in Washington, D.C., rose just 1.6 per cent.
Strong sales are lifting prices. The National Association of Realtors said last week that sales of existing homes rose 2 per cent in July to a seasonally adjusted annual rate of 5.59 million, fastest pace since February 2007.
Paul Wiseman, The Associated Press