Home prices increased by 1.6% in July from the previous month, according to S&P/Case-Shiller Home Price Indices (opens PDF) released today. For the third month in a row, housing value continued to rise across all 20 cities included in the analysis.

This news follows on the heels of three additional positive housing macro reports. Homebuilder confidence, housing starts, and existing home sales all jumped in the past month.

Of the 20 cities listed in the report, Atlanta fared the worst in the past year, with home prices dropping 9.9%. On the other end of the spectrum, Phoenix home prices have increased an average 16.6% in the past 12 months.

Overall, home prices recorded a steady 1.2% gain in the 12 months ending in July this year. Compared to 2009 depreciation near 20%, this small positive gain serves as another indicator that the real estate market may finally be on the rebound.

"The news on home prices in this report confirm recent good news about housing," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "All in all, we are more optimistic about housing."

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