Home Prices Remain Low in May: S&P/Case-Shiller
The S&P/Case-Shiller composite index has indicated that the home prices remained low in May on a seasonally adjusted basis. Since January 2012, this is the first month-over-month decline in the single family home prices.
Market analysts were expecting the home prices to register a gain of 0.2 percent during May instead of 0.3 percent decline suggested by the actual data. The home prices were 9.3 percent higher against analyst expectations of 9.6 percent compared to last year.
The weakest cities were Atlanta, Chicago, Detroit and San Francisco. The home prices were stronger in Miami, Tampa, Las Vegas and Charlotte. The S&P/Case Shiller Home Price Index survey suggests a growth of 9.3 percent in May compared to 10.8 percent in April.
S&P's David Blitzer said, “Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag.”
The survey of 20 major cities suggests the year-on-year growth was slower in May compared to April in 18 cities. The U.S. Commerce Department figures released this month suggested that the new home starts were lower by 9.3 percent in June. The percentage of Americans who live in owned home stood at 64.7 percent in the second quarter.
Stan Humphries, chief economist at online real estate listings major Zillow added that the lower priced homes were witnessing better growth compared to expensive homes. He said that the housing market even in the local area depends mainly on the price of the property and the demand for the same.
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