Home Prices Unexpectedly Fall in June, US Survey Shows

Tuesday, 26 Aug 2014 09:55 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Single-family home prices fell in June and disappointed expectations, a closely watched survey said on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan U.S. areas declined 0.2 percent in June on a seasonally adjusted basis. A Reuters poll of economists had forecast a flat reading.

Non-seasonally adjusted prices rose 1.0 percent in the 20 cities, in line with expectations.

"Home price gains continue to ease as they have since last fall," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.

"For the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators, starts, existing home sales and builders' sentiment, are positive. Taken together, these point to a more normal housing sector."

Prices in the 20 cities rose 8.1 percent year over year, shy of expectations for 8.4 percent.

A broader measure of national housing market activity that Case-Shiller is now releasing on a monthly basis rose at a slower pace year over year, coming in at 6.2 percent. Previously, Case-Shiller had released its national index on a quarterly basis.

The seasonally adjusted 10-city gauge fell 0.1 percent in June versus a 0.2 percent decline in May, while the non-adjusted 10-city index rose 1.0 percent in June compared to a 1.1 percent rise in May.

Year over year, the 10-city gauge also rose 8.1 percent.

© 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
You May Also Like

Strategist Clemons: 'I'm Nervous' About Stocks

Tuesday, 30 Sep 2014 21:51 PM

Stocks have hit a roadblock since the major indexes hit peaks Sept. 19, while a measure of volatility has surged. The tr . . .

Survey: Small Business Owners Feel More Satisfied, Less Successful

Tuesday, 30 Sep 2014 21:39 PM

Small business owners are more satisfied with owning their own business than they were four years ago, but consider them . . .

Hulbert: Stocks Poised for Another Move Up Before They Drop

Tuesday, 30 Sep 2014 21:26 PM

Mark Hulbert, editor of Hulbert Financial Digest, is bearish on stocks. But he thinks they have room to rise further bef . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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