US home prices rise in July by most in 6 years

US home prices rise in July by most in 6 years

Credit: AP

Americans signed the most contracts to buy homes in July than at any other point in the last six years. (AP Photo/Paul Sakuma)

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by CHRISTOPHER S. RUGABER

AP

Posted on September 4, 2012 at 7:11 AM

WASHINGTON (AP) -- U.S. home prices jumped 3.8 percent in the 12 months ending in July, according to a private real estate data provider. The year-over-year increase was the biggest in six years, further evidence that the housing market is steadily recovering.

CoreLogic says home prices also rose 1.3 percent in July from June. That’s the fifth straight increase in both the monthly and year-over-year price indexes.

CoreLogic’s price index is the third national index to show steady increases. The Standard & Poor’s/Case-Shiller index posted its first annual increase in nearly two years last week. And a federal government housing agency has also reported annual increases.

Still, the housing market’s recovery is just beginning. Prices are still 27 percent below their peak in April 2006, CoreLogic says.

 

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