Home Prices Rise in June on Tax Credit

New York, NY, Aug. 31, 2010--Home prices in June increased for a third consecutive month as tax credits inspired a burst of home-buying.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1% increase in June from May and was up 4.2% from a year ago.

Home prices nationally were up 4.8% in the second quarter compared with the first quarter. That was largely because of government tax credits of up to $8,000.

Home sales have dropped sharply since those incentives expired.

Nationally, prices have risen 6% from their April 2009 bottom. But they remain 28% below their July 2006 peak.