United States: House prices stabilize in September
November 29, 2016
The S&P/Case-Shiller 20-city home composite index edged up 0.1% in September over the previous month. The result, which was in line with market expectations, came in below the 0.4% increase recorded in August and marked a fifth consecutive month of moderation. When adjusted for seasonal factors, U.S. home prices increased 0.4% over the previous month, which came in a notch above the 0.3% rise observed in August.
Compared to the same month last year, home prices stabilized at August’s 5.1% in September. S&P said that Denver, Portland and Seattle continued to report the strongest increases in prices of the 20 cities included in the index.
S&P also signaled that, “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms—Miami, Tampa, Phoenix and Las Vegas—remain well below their all-time highs.”
Author: Ricardo Aceves, Senior Economist