The housing market is starting to pick up speed again.
New reports released on Tuesday show home prices rose for the sixth month straight. In July, the prices rose while home resales and groundbreakings on new properties increased in August.
Economists believe that the housing market is showing promise after experiencing a major collapse six years ago.
The S&P/Case Shiller composite index, which is used to measure the U.S. housing market in 20 metropolitan cities, reported that prices rose 0.4 percent on a seasonally adjusted basis. Economists expected a 0.9 percent rise which would have matched the progress that occurred in June.
When compared to last year’s statistics, housing prices have risen 1.2 percent.
“Even with the broader economic recovery struggling to gain traction, the housing recovery is sustainable," wrote Paul Diggle, property economist at Capital Economics.
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