WASHINGTON (AP) — U.S. home prices rose in June from May in every city tracked by a leading index, an encouraging sign that the housing market is improving.
The Standard & Poor’s/Case-Shiller home price index showed increases in all of the 20 cities tracked for a second consecutive month. A measure of national prices rose 2.3 percent in June from May, the third straight increase. And home prices jumped nearly 7 percent in the April-June quarter from the previous quarter.
All but two cities in the national composite posted stronger gains in June than May. Detroit, Minneapolis, Chicago and Atlanta recorded the biggest one-month gains.
The increases partly reflect the impact of seasonal buying. The month-to-month prices aren’t adjusted for seasonal factors.