United States: Growth in home prices continues to slow in July
September 30, 2014
In July, the unadjusted S&P/Case-Shiller 20-city home price composite index increased 0.6% over the previous month. The result was below both market expectations of a 1.3% increase and the 1.0% reading registered in the previous month.
On an annual basis, home prices rose 6.8% over the same month last year, which was down from the 8.1% rise recorded in June and marked the weakest gain since November 2012. Moreover, S&P emphasized that while housing prices continue to rise, the overall pace is slowing; annual price increases moderated in all 20 cities surveyed. Moreover, prices are 15.9% below the July 2006 peak.
According to S&P, “The broad-based deceleration in home prices continued in the most recent data. The slower pace of home price appreciation is consistent with most of the other housing data on housing starts and home sales.”
Author: Carl Kelly, Economist