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ECON: Case-Shiller Home Prices Almost As-Expected
Posted to: Micro News
Tuesday, August 27, 2013 9:22 AM
- 20 city up 0.9 vs +1.0 forecast
- +2.2 unadjusted vs +2.3 forecast
- +12.1 pct annually vs 12.1 forecast
- Market Reaction: none
Data through June 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed that prices continue to increase. The National Index grew 7.1% in the second quarter and 10.1% over the last four quarters. The 10-City and 20-City Composites posted returns of 2.2% for June and 11.9% and 12.1% over 12 months.
All 20 cities posted gains on a monthly and annual basis. However, in only six cities were prices rising faster this month than last, compared to ten in May. Dallas and Denver reached new all-time highs as they did last month, with returns of +1.7% each in June. San Francisco’s rebound is the largest, up 47.0% from its low in March 2009. Phoenix is second, 37.1% above its September 2011 low.
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