RICHMOND, Va. (WTVR) – Today the S&P Case Shiller Home Price Index showed that the average price of a home went up 1.6% between June and July.
This means the price of a home has rebounded to levels last seen in 2003.
Prices peaked between 2006-2007. July was also the third straight month of improvement in home price in the 20 major cities surveyed.
Record low mortgage rates and a tighter supply of homes available for sale are credited with helping to lift home prices.