S&P/Case-Shiller Indices show home price improvement during second quarter

Several major metropolitan areas recorded increased home prices during June and the second quarter.According to the most recent Standard & Poor's/Case-Shiller Home Price Indices, property prices improved during the second quarter after declining in the first.Overall, the indices showed a 3.6 percent gain in home prices between April and June, following a 4.1 percent decline during the first quarter. Compared to the previous year, however, prices were down 5.9 percent. They are now on pace with their 2003 levels, the report relayed.Of the 20 metropolitan statistical areas surveyed by the indices, 19 recorded a monthly increased between May and June, with only Portland's market remaining flat. The gain represents a three-month trend for 12 of the 20 MSAs analyzed. All 20 markets, however, recorded declines from June 2010.Both of S&P/Case-Shiller's composite market indices experienced a quarter gain as well, as the 10- and 20-market composite indices both increased 1.1 percent from the previous quarter.”This month's report showed mixed signals for recovery in home prices,” said David Blitzer, chairman of the Index Committee at S&P Indices. “No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates. The National Index was up 3.6 percent from the 2011 first quarter, but down 5.9 percent compared to a year-ago.”A Houston real estate market report for July showed a different trend for the region during July, as its median value settled at $224,110, an improvement from the previous year.Courtesy of 2M Realty News

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