US Single-Family Home Prices Disappoint
$DIA, $SPY, $QQQ, $VXX
US single-family home prices rose less than expected on an annual basis in July, and the Y-Y gain was smaller than in the prior month, a survey showed Tuesday.
The S&P CoreLogic Case-Shiller composite index of 20 US Metropolitan areas rose 5% in July on a Y-Y basis, retreating from the 5.1% rise in June and short of the estimate calling for a 5.1% increase from a poll of economists.
“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5% annual rate,” said the Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“There is no reason to fear that another massive collapse is around the corner.”
Prices in the 20 US cities were flat in July from June on a seasonally adjusted basis, the survey showed, matching expectations.
On a non-seasonally adjusted basis, prices increased 0.6% from June.
Home prices in 3 cities, Denver, Seattle and Portland, Oregon, showed the highest Y-Y gainers, the survey showed.
Tuesday, the US major stock market indexes finished at: DJIA +133.47 at 18228.30, NAS Comp +48.22 at 5305.71, S&P 500 +13.83 at 2159.93
Volume: Trade was light with 827-M/shares exchanged on the NYSE
- Russell 2000: +9.6% YTD
- NAS Comp: +6.0% YTD
- S&P 500: +5.7% YTD
- DJIA: +4.6% YTD
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