WASHINGTON — Three consecutive months of rising home prices show signs that the housing market is recovering, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.
The index is a survey of home prices in the nation’s 20 largest metropolitan areas, including Detroit, Las Vegas and Seattle.
Composite home prices for all 20 metro areas rose 0.5 percent since June 2011. Every city posted gains in prices in June from May, with some reporting as much as 4.8 percent.
“We seem to be witnessing exactly what we needed for a sustained recovery: monthly increases coupled with improving annual rates of change,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. “The market may have finally turned around.”
Despite increases, annual growth for some cities, like Las Vegas, New York and Los Angeles, remained in the negative, according to the study. Atlanta posted a 12.1 percent drop in annual growth since last year.