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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