Spring buying boosts home prices in U.S. cities

While home prices have declined over the past 12 months, the second quarter of 2011 is a different story.
Spring buying pushed home prices up for a third straight month in most major U.S. cities in June.
The Standard & Poor’s/Case-Shiller home-price index showed Tuesday that prices increased in June from May in 19 of the 20 cities tracked (Philadelphia was not among those 20 cities). Prices rose 3.6 percent in the April-June quarter from the previous quarter. Neither of those numbers is adjusted for seasonal factors.
While Philadelphia was not included in this study, northern cities such as Chicago and Minneapolis and eastern cities such as Washington and Boston posted the biggest monthly increases.
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