United States: Home price growth suggests ongoing strength in sector
October 1, 2015
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 the 0.9% increase tallied in June and the 1.0% increase expected by the market.
Home prices rose 5.0% over the same month of last year, which was just above the 4.9% rise recorded in June. S&P pointed out that annual price increases were greater in 14 of the 20 cities surveyed.
According to the director of the index, “prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy. Most of the strength is focused on states west of the Mississippi.”
Author: Carl Kelly, Economist