While prices are picking up, they still may have a long way to go in some markets. Home prices are about 17 percent below the peak reached in April 2007, according to the FHFA (Federal Housing Finance Agency) index. Prices are at about the same level they were at in May 2004, according to the index.
Existing-home prices in June posted their strongest gain since February 2006 and for the last four consecutive months have posted increases. NAR attributed most of the price gains to the fact that there were fewer distressed homes for sale in June.
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