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Increase in U.S. home prices slightly less than forecast

Posted by: Admin | Posted on: August 30th, 2016 | 0 Comments

NEW YORK U.S. single-family home prices rose slightly less than expected on an annual basis in June, and were down from the prior month, a survey showed on Tuesday.

The SP CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5.1 percent in June on a year-over-year basis, retreating from the 5.3 percent climb in the prior month and short of the estimate calling for a 5.2 percent increase from a Reuters poll of economists.

“Overall, residential real estate and housing is in good shape,” said David M. Blitzer, managing director and chairman of the index committee at SP Dow Jones Indices.

“While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness.”

Prices in the 20 cities fell 0.1 percent in June from May on a seasonally adjusted basis, the survey showed, matching expectations for a decline of 0.1 percent.

On a non-seasonally adjusted basis, prices increased 0.8 percent from May.

Home prices in three U.S. cities – Denver, Seattle and Portland, Oregon – showed the highest year-over-year gains, the survey showed.

(Reporting by Chuck Mikolajczak)

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