U.S. Housing Prices Inch Upward

Housing prices in the U.S. increased in the second quarter, the first quarterly increase in three years and an indication the market is rebounding.

The Standard & Poor’s/Case-Shiller Home Price Index rose nearly 3 percent from the first quarter to 133, and June’s index was up 1.4 percent from May.

The monthly index of 20 major cities increased to 142, the second straight month it climbed. The index, which does not include Jacksonville, registered gains in all 20 markets except Las Vegas and Detroit. The two Florida markets tracked, Miami and Tampa, registered gains of less than 1 percent.

The gains have come just in the last few months. The Florida Association of Realtors reported last week that median sales prices of existing single-family homes in July were down 40 percent in Miami and 29 percent in Tampa compared to July of 2008.

Source: Jacksonville Business Journal