US Single-Family Home Prices Disappoint

US Single-Family Home Prices Disappoint

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
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (-0.20) Neutral (-0.17) Bearish (-0.35) Neutral (-0.08
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (-0.03) Neutral (0.08) Bearish (-0.29) Neutral (0.12)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.26) Bullish (0.29) Neutral (0.23) Bullish (0.25)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.38) Neutral (-0.12) Bearish (-0.44) Very Bearish (-0.58)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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