U.S. home prices bounced higher for a second month in June, according to an index released Tuesday which showed the strongest back-to-back monthly advance in the more than decade-long history of the price gauge.
The S&P/Case-Shiller 20-city composite index registered a 2.3% advance in June, matching upwardly revised gains in May and taking the year-on-year move to positive territory for the first time in close to two years with a gain of 0.5%.
All 20 cities managed monthly gains, including a 6% surge in hard-hit Detroit and a 4.8% advance in Minneapolis. Prices in the second quarter gained 6.9% compared to the first quarter.
“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around,†said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
Even with the gains, prices have still fallen a long way from their 2006 peaks — roughly 31%.
The Case-Shiller index is unique in that it measures prices on a three-month rolling basis, so June’s figures include transactions in April and May.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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