Home Prices in 20 U.S. Cities Rose Less Than Forecast in May
- Pacific Northwest region takes over lead in price appreciation
- San Francisco led six cities seeing monthly price decreases
What the U.S. Housing Numbers Tell Us About the Economy
Home prices in 20 U.S. cities rose less than projected in May from a year earlier, signaling both buyers and sellers had the potential to benefit during the busy selling season, according to S&P CoreLogic Case-Shiller data reported Tuesday.
The report follows a round of more timely data that showed purchases of previously owned homes climbed in June to the highest level since February 2007, from May. A report on new-house sales, also released on Tuesday, showed an increase last month to the highest level in more than eight years. Steady hiring and cheap borrowing costs are encouraging potential buyers, while hurdles for bigger gains in demand include limited inventory, especially among lower-priced properties. Sustained growth in prices may encourage more current owners to put up their dwellings for sale.