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Home prices to continue climb, but boost shows signs of slowing
Home prices in cities nationwide climbed 12.1 percent in the last year ending in June, according to a new report released Tuesday.
Fresh numbers from the S&P/Case-Shiller index show that property values are continuing an upswing, as all 20 cities tracked by the index posted gains over the last month and last year. Home prices were up 0.9 percent from May to June.
However, there may be signs that the housing rebound may be losing some steam, as gains are coming in from several cities at a slower pace, even as markets are in the middle of the summer buying season. A recent uptick in home mortgage rates could be contributing to the slowdown.
"Overall, the report shows that housing prices are rising but the pace may be slowing," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Thirteen out of 20 cities saw their returns weaken from May to June. … Other housing news is positive, but not as robust as last spring."
And some cities continue to post significant gains. Both Las Vegas and San Francisco home values have risen by nearly 25 percent in the last year, while another 10 posted double-digit gains.
Fresh numbers from the S&P/Case-Shiller index show that property values are continuing an upswing, as all 20 cities tracked by the index posted gains over the last month and last year. Home prices were up 0.9 percent from May to June.
However, there may be signs that the housing rebound may be losing some steam, as gains are coming in from several cities at a slower pace, even as markets are in the middle of the summer buying season. A recent uptick in home mortgage rates could be contributing to the slowdown.
"Overall, the report shows that housing prices are rising but the pace may be slowing," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Thirteen out of 20 cities saw their returns weaken from May to June. … Other housing news is positive, but not as robust as last spring."
And some cities continue to post significant gains. Both Las Vegas and San Francisco home values have risen by nearly 25 percent in the last year, while another 10 posted double-digit gains.
Read more: http://thehill.com/blogs/on-the-money/1091-housing/318905-home-prices-continue-climb-but-boost-shows-signs-of-slowing#ixzz2dpW3v9ES
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