Home prices in 20 major US cities fell for a third straight month in June, according to the S&P/Case-Shiller home price index.
The 20-city index, which tracks price changes in large cities, fell 0.1% month-on-month, as expected, and rose 5.1% year-on-year.
However, the national index rose 0.2% on a seasonally adjusted basis.
David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said: “In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing.”
“In recent years the Case-Shiller numbers have tended to lagmovements in the median house prices data from the existinghome sales report, with a delay of about six months,” said Pantheon Macroeconomics’ Ian Shepherdson in a note.
“In other words, these data don’t tell us much we didn’t already know, at a national level. Looking ahead, the median price data point to another few soft months for the Case-Shiller measure, followed by a sharp rebound around the turn of the year.”
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