The S&P/Case-Shiller Home Price Indices are among the most closely followed measures of home values in the United States. They are intended to accurately track the price path of single-family homes in each of the included metropolitan areas. According to the latest release, which contains data through the end of July, home prices experienced their third consecutive month of increases, with gains to both the 10- and 20-City Composite Indexes. Average home prices increased 1.5 percent for the 10-City Composite and 1.6 percent for the 20-City Composite. It would have been the fourth straight month of improvement had Detroit’s prices not fallen 0.6 percent in April. David Blitzer, chairman of the index committee, said the report confirms the recent good news about housing and is reason for optimism. More here and here.

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