WASHINGTON -- Home prices in the nation's largest cities rose 1.6% in July to their highest level in nearly two years, according to a leading index released Tuesday, adding to recent data showing the housing market finally has begun its rebound from the deep recession.
The Standard & Poor's/Case-Shiller index of prices in the 20 biggest U.S. cities rose for the fourth straight month. And in a sign the rebound is broad-based, it was the third consecutive month that prices rose in all 20 cities from the previous month.
Prices in those cities also were up compared to a year earlier, with the 1.2% increase coming in above analyst expectations of 1.1%. Sixteen of the the 20 cities posted year-over-year increases in July.
Overall, prices in the 20 largest cities in July were still down about 30% from their peak in mid 2006, before the housing market crashed. But prices were up about 8% from their lows in early 2012 and the Case-Shiller index reached its highest point since October 2010.