US home prices rose for the sixth straight month in July in one of the strongest signs yet that the housing market is on the rebound.
The Case-Shiller Index, a gauge of property values in 20 major US cities, showed a 1.2 percent jump in home prices from July 2011, the biggest 12-month increase since August 2010, Bloomberg reported.
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Separately, prices measured by the U.S. Federal Housing Finance Agency home price index rose 0.2 percent in July compared with a 0.6 percent rise in June, according to Reuters.
Neither are close to levels from the peak of the housing boom in 2006, but point to continued signs of a recovering market.
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"All in all, we are more optimistic about housing," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, told the Wall Street Journal.
Also on Tuesday, reports show that consumer confidence climbed in September to the highest level in seven months in a sign that consumers may be ready to loosen their purse strings, according to CNN.
This is particularly important as retailers begin to gear up for the holiday shopping season.