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U.S. home prices rose a second straight month -S&P

Tue Aug 25, 2009 9:00am EDT

NEW YORK, Aug 25 (Reuters) - Prices of U.S. single-family homes rose for the second consecutive month in June, adding to evidence that the three-year housing slump is easing, Standard & Poor's reported on Tuesday.

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The S&P/Case-Shiller composite indexes of 10 and 20 metropolitan areas both rose 1.4 percent in June from May, almost three times the 0.5 percent increases of the month before. May's increases were the first in nearly three years.

The 10- and 20-city indexes have dropped 54.3 percent and 45.3 percent from their 2006 peaks, respectively.

S&P also said its U.S. National Home Price Index recorded a 14.9 percent decline for the second quarter, compared with a 19.1 percent year-over-year drop in the first quarter.

Compared with the first quarter, though, prices rose by 2.9 percent, marking the first such increase in three years.

(Reporting by Al Yoon, Editing by Chizu Nomiyama)

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