US Home Prices Rose in July

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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