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ECON: Case-Shiller Home Prices Rise Slightly Less Than Expected
Posted to: Micro News
Tuesday, September 24, 2013 9:12 AM
- 20 city index +0.6 vs +0.8 forecast
- 20 city Year/Year +12.4 vs +12.4 forecast
- Year/Year increase is highest since Feb 2006
Data through July 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 increases of 1.9% and 1.8% from June for the 10- and 20-City Composites. For at least four months in a row, all 20 cities showed monthly gains. Phoenix posted 22 consecutive months of positive returns. Although home prices in all the cities increased, 15 cities and both Composites saw these monthly rates decelerate in July versus June.
Over the last 12 months, prices rose 12.3% and 12.4% as measured by the 10- and 20-City Composites. The year-over-year returns show a brighter outlook with 13 cities posting improvement in July versus June values. Las Vegas increased the most from +24.9% in June to an impressive +27.5% in July.
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