Home Prices Rise for Fourth Straight Month:
Home prices rose for the fourth
month in a row in May, suggesting the recovery in the housing market continued
to gain traction.
The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.9 percent in May from April on a seasonally adjusted basis, topping economists' expectations for a 0.5 percent gain.
The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.9 percent in May from April on a seasonally adjusted basis, topping economists' expectations for a 0.5 percent gain.
On a non-seasonally adjusted
basis, prices fared even better, jumping 2.2 percent. Compared to a year ago,
price declines moderated to slip 0.7 percent, the smallest drop since the last
time year-over-year prices rose in September 2010.
The housing market,
which collapsed during the 2007-2009 recession, has been a relative bright spot
in the economy this year. Mortgage rates continue to hover near all-time
lows, Consumer Confidence is up and many Realtors are reporting a shortage of
supply as home inventory levels continue to fall. All of these factors
point towards some positive momentum in the housing sector.
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