Home Prices Increase in 20 Major Cities Last Month
Phillip Spears/Digital Vision(WASHINGTON) -- Home prices rose in nearly all major American cities in August, the biggest jump in two years.
Prices were up 1 to 2 percent in 20 major cities -- from Detroit to Dallas. In hard-hit Phoenix, home price tags up more than 1.5 percent.
“As home prices increase [consumers] are more inclined to of course spend,” said Wells Fargo Securities economist Anika Khan.
“We have had a string of very positive, better-than-expected reports,” she added, nothing that while the home price jump helps, the economy still needs to create more jobs.
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