Home Prices Again Making Progress On Month Over Month Basis

From RealTrends.com: Home prices overall have improved now for seven straight months, according to the Standard & Poor’s Case-Shiller Home Price Index. The report once again showed moderation in the annual declines of residential prices. August readings for S&P’s 10-city and 20-city composites were down by 10.6 percent and 11.3 percent, respectively, compared to the same month last year.

Nineteen of the 20 cities included in the study showed an improvement in their annual rates of return. Cleveland was the only exception. Even the hard-hit metros of Florida reported less-than-expected declines for the year and much-needed short-term gains for the month.

The month-to-month data certainly paints a sunny picture. Only Charlotte, Cleveland, and Las Vegas reported monthly declines from July to August. Minneapolis and San Francisco saw price gains of more than 2 percent, and nine of the metros studied recorded monthly returns greater than 1 percent.

The 10-city and 20-city composites increased 1.3 percent and 1.2 percent, respectively, from July to August.