The S&P/Case Shiller composite index of 20 metropolitan areas gained 6.7 percent in July year over year, shy of expectations for a 7.5 percent rise.
On a seasonally adjusted monthly basis, prices in the 20 cities fell 0.5 percent in July. A Reuters poll of economists had forecast a flat reading.
Non-seasonally adjusted prices rose 0.6 percent in the 20 cities on a monthly basis, disappointing expectations for a 1.1 percent rise.
"The broad-based deceleration in home prices continued in the most recent data," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.
"While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years."
A broader measure of national housing market activity that S&P/Case-Shiller is now releasing on a monthly basis rose at a slower pace year over year, coming in at 5.6 percent.
The seasonally adjusted 10-city gauge fell 0.5 percent in July versus a 0.2 percent decline in June, while the non-adjusted 10-city index rose 0.6 percent in July compared to a 1.0 percent rise in June.
Year over year, the 10-city gauge also rose 6.7 percent.
(Reporting by Sam Forgione; Editing by Chizu Nomiyama)
FIND OUT MORE ABOUT 'BEN Latest News'
'Like us on Facebook'
http://www.facebook.com/pages/BEN-Latest-News/443681719077160
'Follow us on Twitter'
www.twitter.com/benlatestnews
For Advertisment and Partnering with us contact the CEO on:
BEN Latest News™
BB PIN: 260158B5
Skype: cwizard123
Phone: (+234)-807-591-2014
Work: (+234)-903-027-0566
Mobile: (+234)-818-505-0866
BizLine:(+234)-812-595-5300
Email: cwizard123@gmail.com
BLNs: benlatestnews@gmail.com
On: Facebook, Twitter | LinkedIn - cwizard123
0 comments:
Post a Comment