U.S. home prices in July rose from the previous month, marking the third month in a row that a closely watched index measuring the health of the housing market saw positive changes.

On Tuesday, the Standard Poor’s Case-Shiller home-price index for 10 major metros jumped 1.5%, while the 20-city index rose 1.6%. Many have taken the reports as another sign that the housing market is recovering. Sales of existing homes have risen in recent months; the inventory of homes for sale has fallen; the pace of foreclosures has slowed.

“All in all, we are optimistic about housing,” said David M. Blitzer, chairman of the index committee at SP Dow Jones Indices, in a statement.

NEXT: Bad: Prices travel a bumpy road

Article source: http://rss.cnn.com/~r/rss/money_topstories/~3/X1stGTK8yNs/index.html

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