Home/FX/Newsfeed

US Home Prices Rise Less Than Forecasted in May

Share Print 0

U.S. single-family home prices in May rose from the previous year at the same pace as April but fell short of forecasts, as housing construction slowed and new home sales lagged existing home sales, a closely watched survey said on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas in May gained 4.9 percent year over year, matching the pace set in April. Economists polled by Reuters had projected a stronger pace of a 5.6 percent increase.

Denver, San Francisco, and Dallas experienced the biggest year-over-year home appreciation among the 20 cities with price increases of 10.0 percent, 9.7 percent and 8.4 percent, respectively.

“As home prices continue rising, they are sending more upbeat signals than other housing market indicators,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
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.
Alfonso Esparza

@alfonso_forex

,
Back to Top