Pursuits
Home Prices in 20 U.S. Cities Increase Faster Than Forecast
- Gain of 5.4% from year earlier compares with 5.2% estimate
- Prices advance 0.9% in March from previous month, report says
Shiller: Not Enough Houses, Low Inventory
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Home prices in 20 U.S. cities rose faster than projected in March from a year earlier, adding to signs of healthy demand at the onset of the industry’s busy selling season, New York-based S&P/Case-Shiller reported Tuesday.
The March home-price gains follow a round of more timely data that showed purchases of existing and new homes and contract signings on previously owned houses all strengthened more than expected in April after the economy’s sluggish start to the year. Potential buyers still might be challenged by limited inventories, especially among lower-priced homes, while finding support from steady job gains and cheap borrowing costs.