United States: Home prices continue to climb in June
August 27, 2013
In June, the unadjusted S&P/Case-Shiller 20-city home price composite index rose 2.2% over the preceding month, which was just under market expectations of a 2.3% rise. The reading followed a 2.4% increase in May.
On an annual basis, home prices rose 12.1% over the same month last year, which marks a slight decrease compared to the 12.2% rise recorded in May. Despite the strong readings seen in the past months, prices still remain 22.6% below the July 2006 peak.
S&P emphasized that housing prices continue to rise but that the overall pace is slowing; prices have weakened in 13 of the 20 cities surveyed. Moreover, the agency added that other housing sector data are, "positive, but not as robust as last spring," including a lag in terms of starts and sales of new homes.
Author: Carl Kelly, Economist