Home prices rise 0.9% in Q3

Second consecutive quarterly increase

Home prices rose for the second quarter this year, according to Freddie Mac’s quarterly national Conventional Home Price Index (CMHPI) Purchase-Only Series released Tuesday, adding evidence the nation’s housing market is warming up.

The government mortgage entity’s home-price-growth index rose 0.9 percent in the third quarter, following an upwardly revised 2 percent pickup in the second quarter. The increases of the past two quarters made up for about two-fifths of the declines registered during the final quarter of 2008 and the first quarter of 2009. U.S. home-sale prices were down 3.9 percent year-over-year.