U.S. home prices rose in June from the same month last year, the first year-over-year increase since the summer of 2010. The increase is the latest evidence of a nascent recovery in the housing market.
The Standard & Poor’s/Case-Shiller home price index released Tuesday showed a gain of 0.5 percent from June 2011.
The last time the year-over-year index increased was in September 2010. For much of that 12-month period, the government was offering a home-buying tax credit.
The report also showed that all 20 cities tracked by the index rose in June from May, the second consecutive time in which every city posted month-over-month gains. And all but two cities posted stronger gains in June than May.