U.S. single-family home prices rose in July albeit at a slightly slower pace, though their gain from a year ago was the strongest in more than seven years, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.6 percent on a seasonally adjusted basis, compared to economists’ forecasts for a 0.8 percent gain. Prices rose 0.9 percent in June.
On a non-adjusted basis, prices rose 1.8 percent.
Compared to a year earlier, prices were up 12.4 percent, matching economists’ expectations and marking the strongest rise since February 2006. Prices were up 12.1 percent in the year to June.
The report suggested the housing sector continues to recover despite a recent rise in mortgage costs. Economists have pointed to a stronger housing market as a bright spot in the U.S. economic rebound.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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