S&P/Case-Shiller up 3.6% in June, but down 5.9% from year ago

Remember this is an average index for April, May, and June.

The average price of a single-family home rose 3.6% in the second quarter after dropping 4.1% for the first three months of 2011, according to the Standard & Poor's/Case-Shiller index.

The closely watched home price index declined 5.9% for the three months ended June 30 from a year earlier, when the federal homebuyer tax credit expired. Home prices are back at levels last seen in early 2003

The S&P/Case-Shiller 10-city composite index decreased 3.8% in June from the prior month and the 20-city index fell 4.5%. Both indices and 13 of the 20 metropolitan statistical areas tracked by S&P/Case-Shiller rose in June from a year earlier.

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