BrokerageIndustry News

Home prices show continued strength in July

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Sixteen out of 20 metros tracked by a S&P/Case-Shiller home price index posted annual gains in July, with home prices up by an average of 1.2 percent from a year ago. For the third month in a row, all markets tracked by the S&P/Case-Shiller 20-city composite posted gains from June to July. The 20-city composite was up 1.6 percent from June on a non-seasonally adjusted basis.A home price index maintained by the Federal Housing Finance Agency also showed home prices posting a 3.7 percent annual gain in July. That index -- which tracks homes with mortgages backed by Fannie Mae and Freddie Mac -- showed home prices returning to June 2004 levels, but still down 16.4 percent from an April 2007 high. The S&P/Case-Shiller 20-city composite index shows home prices down 31.2 percent from a June 2006 peak. But the overall trend painted by July's numbers indicates to industry watchers a positive turn in the housing market. "The news on home prices in this report confirm recent go...