Tags: Home | Prices | case | shiller

S&P/Case-Shiller: Home Prices Rise Less Than Expected in July

Tuesday, 25 Sep 2012 09:12 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. single-family home prices rose for a sixth month in a row in July, though the improvement was not as strong as expected, a closely watched survey showed on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.4 percent in July on a seasonally adjusted basis, shy of economists' forecasts for 0.9 percent, according to a Reuters poll.

On a non-adjusted basis, prices fared better, rising 1.6 percent.

Editor's Note: Prophetic Economist Warns: “It’s Curtains for America.” See Evidence.

Six years after its collapse, economists believe the housing market has turned a corner. Recent data show home resales and groundbreaking on new properties rose in August, while business sentiment among homebuilders picked up to a more than six-year high this month.

The home price data confirmed "recent good news" about the sector, David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

"All in all, we are more optimistic about housing. Upbeat trends continue," said Blitzer.

U.S. stock index futures held gains immediately after the data, while long-dated Treasury bond prices trimmed gains and the dollar extended losses slightly against the euro.

"This shows a continual recovery in the housing market, which continues to progress," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

Compared to a year ago, prices in the 20 cities were up 1.2 percent, beating expectations for 1 percent. It was the second month in a row year-over-year prices have risen.

Four cities had prices that were lower than a year ago, with Atlanta faring the worst, down nearly 10 percent. Hard-hit Phoenix continued its rebound to gain 16.6 percent.

Editor's Note: Prophetic Economist Warns: “It’s Curtains for America.” See Evidence.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Russia's Credit Rating Kept Above Junk by S&P on Reserves

Friday, 24 Oct 2014 14:24 PM

Russia's investment-grade credit rating was affirmed by Standard & Poor's, dispelling concern that a downgrade to junk m . . .

Housing Recovery Seen as Fragile Despite Sales at 6-Year High

Friday, 24 Oct 2014 12:17 PM

Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August's sa . . .

New Home Sales Rise in September, but August Pace Cut

Friday, 24 Oct 2014 10:07 AM

Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August's sa . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved