NEW YORK (CNNMoney) -- In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.
According to the closely watched S&P/Case-Shiller national
home price index, which covers more than 80% of the housing market in
the United States, the typical home price in July rose 1.6% compared to
the previous month.
It marked the third straight month that prices in all 20 major markets
followed by the index improved, and it would have been the fourth
straight month of improvement across the full spectrum if not for a
slight decline in Detroit in April.