U.S. home prices rose on a monthly basis in June while annual prices were unchanged, adding to a growing body of evidence that housing costs have already begun to recover. The S&P CoreLogic Case-Shiller national home price index, which covers all nine U.S. census divisions, increased month over month by 0.7% in June on a seasonally adjusted basis after rising by 0.8% in May. Another index tracking the 20 largest metro areas rose 0.9% on a monthly basis, topping estimates in a Reuters poll of economists for a 0.8% gain. On a year-over-year basis, the national price index was unchanged in June versus a 0.4% fall in May. The 20-city index was down by 1.2% in June after sliding 1.7% annually in May, a possible sign that an anticipated bottoming in prices could be materializing.
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