U.S. home prices rose in July for the fourth straight month to reach their highest level in nearly two years, according to an index released Tuesday.
The S&P/Case-Shiller 20-city composite posted a 1.6% increase in July, following 2.3% advance in June. For the third month in a row, all 20 cities in the index recorded prices gains.
The median sales price of a new home surged 11.2% last month to $256,900, the biggest one-month increase ever recorded. Prices have climbed 17% over the past year.
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