Home prices are up for the fourth consecutive month, but experts remain pessimistic about overall real estate market.
U.S. home prices rose for the fourth consecutive month across the nation’s major metropolitan areas, according to data released today by Standard and Poor’s/Case-Shiller.
Prices rose 0.9 percent from June to June in 17 cities, while home values fell in Las Vegas and Phoenix and remained unchanged in Denver, according to the most recent Case-Shiller Home Price Index. Year-over-year Detroit and Washington, D.C., were the two areas posting gains, up 1.2 percent and 0.3 percent respectively. The remaining 18 areas posted year-over-year declines. Minneapolis experienced the greatest loss with an annual decline of 9.1 percent in home prices.
Though home prices have improved over the peak season, experts remain cautious about the overall state of the housing market and say that combined statistics indicate the market is still bottoming. “Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery,” said David M. Blitzer, chairman of the Index Committee and Standard and Poor’s Indices.