Home Prices Rose Modestly In Second Quarter, But Still Below Year Ago

By Mark Memmott

Published August 30, 2011 at 9:15 AM EDT

One widely watched measure of U.S. home prices rose 3.6 percent in the second quarter from first-quarter 2011.

But the S&P/Case-Shiller Home Price Index was still down 5.9 percent from second-quarter 2010.

As The Associated Press says, the report signals that "spring buying pushed home prices up for a third straight month in most major U.S. cities in June. But the housing market remains shaky, and further price declines are expected this year."

One interesting note: In June, prices didn't decline in any of the 20 major metropolitan areas where S&P/Case-Shiller collects data. They were flat in Portland, Ore., and up just 0.1 percent in Las Vegas. The biggest increases were 3.2 percent gains in Chicago and Minneapolis.

Mark Memmott

Mark Memmott is NPR's supervising senior editor for Standards & Practices. In that role, he's a resource for NPR's journalists – helping them raise the right questions as they do their work and uphold the organization's standards.

See stories by Mark Memmott