Summary Box: Spring buying boosts home prices

AP News
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Posted: Sep 27, 2011 1:59 PM
Summary Box: Spring buying boosts home prices

PRICES RISE: Home prices rose for a fourth straight month in most major U.S. cities in July, buoyed by seasonal buying.

GAINS AND LOSSES: Prices rose from June to July in 17 of the 20 cities tracked by the Standard & Poor's/Case Shiller home price index. Detroit, Chicago and Minneapolis posted the biggest monthly gains. Prices in Las Vegas and Phoenix declined.

GLOOM AHEAD: Analysts cautioned that the prices increases are temporary. Home sales have declined in each of the months in which prices rose. Prices are expected to drop again this fall and winter.