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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.