S&P Case-Shiller 20-City Home Price Index Rose 5%
As per reports, the Standard & Poor's/Case-Shiller 20-city home price index rose 5% from a year earlier, up from its May rate i.e. 4.9%. The National Price index rose 4.5 percent in June.
S&P Dow Jones Indices suggested that if the feds were quick enough to follow the initial move then housing and home prices might get suffered.
Report showed that for the fourth month, Dallas ranked No.3 nationally after Denver rose 10.2% and San Francisco 9.5% for the 12 months through June.
Now, the Case-Shiller numbers for this month are being watched very closely after the stock market's Monday plunge had some Wall Street investors eyeing the real estate market as a more stable investment.
The South Atlantic division experienced the strongest increase in the second quarter, posting a 1.7% quarterly increase and a 6.1% increase since previous year. The 10-City Composite had marginally lowered with an increase of 4.6% year-over-year.
According to the Federal Housing Finance Agency House Price Index, US house prices rose 1.2% in the second quarter. Detroit recorded its sixth consecutive year-over-year increase at a 5.7%.
The Southern California housing market has experienced a healthy spring and summer this year as its sales hit to a multi-year highs.
Blitzer said, "Housing starts topped 1.2 million units at annual rates, with nearly two-thirds of the total in single-family homes".
Lynn Franco, director of Economic Indicators at the Conference Board, said in a statement that consumers are considerably more positive after a favorable appraisal of the labor market.
The reports showed a slowdown in price growth for San Diego, which is considered one of the costliest markets in the country.
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