Sep
26

Home Prices in 20 U.S. Cities Increase More Than Forecast

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Home prices in 20 U.S. cities climbed more than forecast in July, reflecting solid demand against a backdrop of modest listings of properties, figures from S&P CoreLogic Case-Shiller showed Tuesday.

HIGHLIGHTS OF HOME PRICES (JULY)

  • 20-city property values index rose 5.8% y/y (est. 5.7%)
  • National price gauge increased 5.9% y/y
  • Seasonally adjusted 20-city index advanced 0.3% m/m (est. 0.2%)

Buyers are competing for a limited number of for-sale homes, allowing sellers to boost asking prices. Property values are consistently outpacing wage growth, helping explain why the share of first-time buyers of previously owned homes in August was at a one-year low. At the same time, owners’ equity as a share of total real-estate holdings climbed in the second quarter to the highest level in 11 years…

Home Prices in 20 U.S. Cities Increase More Than Forecast

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Categories : Real Estate

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