US home prices rise 5% in July: S&P/Case-Shiller

U.S. home prices continued to rise in July, the latest S&P/Case-Shiller Home Price Index showed Tuesday.

S&P/Case-Shiller's 20-City Index rose 5 percent in July, roughly in line with analysts' estimates for a 5.1 percent increase.

The National Home Price Index, which measures all nine U.S. census divisions, ticked up at a faster annual pace in July than the previous month, rising by 4.7 percent. The index has increased by 4 percent or more since September 2012, David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, noted in a statement.

"Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy," Blitzer said. "Most of the strength is focused on states west of the Mississippi."

Home prices appreciated the most on a year-over-year basis in San Francisco and Denver. Both cities saw greater than 10 percent increases.

As of July, Phoenix has registered the longest streak of year-over-year home price increases.