June Home Prices Increase Over 2011

New York, NY, Aug. 28, 2012 -- Home prices rose in June from the same month a year ago, according to the Standard & Poor's/Case-Shiller home price index.

It was the first year-over-year increase since the summer of 2010.

The index released Tuesday showed a gain of 0.5% from June 2011. In addition, all 20 cities tracked by the index also rose in June from May.

That's the second consecutive time in which every city posted month-over-month gains.

"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, a spokesman for S&P, in a press release.

"The market may have finally turned around."