US Home Prices Rise 5.8% Annually in June

The S&P CoreLogic Case-Shiller home price index increased slightly from May to June, while a key composite held steady.

National home prices continued a 12-month rise in June, reporting a 5.8 percent annual gain on the S&P’s most broad indicator. This was better than the 5.7 percent increase expected by economists polled by Reuters, who believed the index would maintain May’s growth rate.

Another key index, which covers home prices in 20 cities across the U.S., was up 5.7 percent in June, the same as May.

“Both the number of homes for sale and the number of days a house is on the market
have declined for four to five years,” S&P Dow Jones indexes managing director David Blitzer said. “Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely.”

Seasonally adjusted, nine of the 20 cities in the composite reported price increases in the year ending June 2017, down from 14 in May. Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza