U.S. home prices rose in June as well as in the second quarter as a whole, according to data today from the S&P/Case-Shiller Home Price Index.
Nationally, home prices rose 3.6% on a sequential basis in the second quarter, compared to a decline of 4.1% in the first quarter. Home prices were down 5.9% compared to the second quarter of 2010.
In June, home prices rose in 19 of the 20 metropolitan areas surveyed for the index compared to May. Prices in Portland were flat.
S&P/Case-Shiller noted that prices have increased in 12 of 20 survey areas for three consecutive months, a sign of seasonal strength in the housing market.
The iShares Dow Jones U.S. Home Construction Index Fund (AMEX:ITB) is trading up 1.4% Tuesday.
Among the top holdings in the fund, NVR (NYSE:NVR) is trading up 1%, while DR Horton (NYSE:DHI) trades up 1.85%. Toll Brothers (NYSE:TOL) is trading higher by 1%, while Lennar (NYSE:LEN) trades higher by 2%.
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