NEW YORK (AP) — Home prices posted their first quarterly increase in three years in the quarter that ended in June, adding to evidence that the housing slump is easing.
The Standard & Poor's/Case-Shiller's U.S. National Home Price Index, out Tuesday, was up nearly 3% from the first quarter, though it was still down almost 15% from the second quarter last year.
Home prices are at levels not seen since early 2003. Prices have fallen 30% from the peak in the second quarter 2006.
The monthly index of 20 major cities increased 1.4% from May to June, second straight month the index registered a gain. All but two cities, Las Vegas and Detroit, saw home prices rise in June from May, and Dallas and Denver clocked their fourth-straight monthly increases.
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