Home Prices Rise for Fifth Month in a Row

Industries Reuters

U.S. single-family home prices gained for the fifth month in a row in June, a fresh sign of improvement in the housing market, a closely watched survey showed on Tuesday.

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The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.9 percent on a seasonally adjusted basis, topping economists' forecasts for 0.5 percent, according to a Reuters poll.

On a non-seasonally adjusted basis, prices were even stronger, up 2.3 percent.

"We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

"The market may have finally turned around."

Prices in the 20 cities rose 0.5 percent compared to the year before.

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For the second quarter, seasonally adjusted national prices jumped 2.2 percent compared to the 1.4 percent gain that was seen in the first quarter.