Home Values Firm Up as Chicago, New York and Cleveland Post Big Gains

National home value growth modestly accelerated in June, extending May's momentum, driven by strong demand in the inventory-strapped Midwest and Northeast markets.The value of single-family homes as measured by repeat transactions rose 1.5% nationally in June compared to a year ago, up from a revised 1.2% annual increase the month prior, according to data from the S&P Cotality Case-Shiller Index released Tuesday.Among the 20 cities tracked by the index, Chicago led the nation for the fourth consecutive month with a 6.9% annual gain, same as in May. New York was once again in second place with a year-over-year increase of 4.8%, up from 4.2% the previous month, followed by Cleveland, which saw a surge of 4.1%, up from 3.1% in May. Despite the acceleration at the national level, home values continued to decline in real terms for a 13th straight month as June's 3.5% inflation reading outpaced the 1.5% nominal home price gain. "While home prices continue to decline in real terms, lower inflation and firmer nominal home price growth in June helped slow that pace of erosion," says Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices. The latest Case-Shiller ...