NEW YORK — There were fresh signs Tuesday that home prices in much of the country are stabilizing and the housing market is on the mend.
Home prices in May posted their first monthly increase since the summer of 2006, according to the Standard & Poor’s/Case-Shiller 20-city index. Prices rose from April in 13 of the cities tracked, notably Cleveland, Dallas and Boston.
The news follows upbeat reports showing sales of newly built and existing homes rose in June for the third straight month. And new home construction, while still weak, is the best it’s been since the fall.
Read More: Index adds to spate of upbeat housing news