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Rise in US home prices shows recovery
Source: Agencies |
June 27, 2012, Wednesday
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Print Edition
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HOME prices in the United States rose in April for the third straight month, the latest sign a recovery in the housing market is gaining traction.
But in a sign of the struggles still facing the broader economy, separate data yesterday showed consumer confidence fell to its lowest level in five months in June as Americans' view of the economy in the coming months soured.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent on a seasonally adjusted basis, topping economists' expectations for a 0.4 percent gain.
Compared with a year ago, home prices fell 1.9 percent in the 20 cities, above expectations for a fall of 2.5 percent, and an improvement from the 2.6 percent annual drop in March.
April's rise was the longest streak of straight monthly gains since prices were boosted by the homebuyer tax credit from mid-2009 into early 2010.
Even as the housing market is firming, the broader economy is struggling. The Conference Board, an industry group, said its index of consumer attitudes fell to 62 from a downwardly revised 64.4 in May, falling short of economists' expectations. It was the lowest level since January.
But in a sign of the struggles still facing the broader economy, separate data yesterday showed consumer confidence fell to its lowest level in five months in June as Americans' view of the economy in the coming months soured.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent on a seasonally adjusted basis, topping economists' expectations for a 0.4 percent gain.
Compared with a year ago, home prices fell 1.9 percent in the 20 cities, above expectations for a fall of 2.5 percent, and an improvement from the 2.6 percent annual drop in March.
April's rise was the longest streak of straight monthly gains since prices were boosted by the homebuyer tax credit from mid-2009 into early 2010.
Even as the housing market is firming, the broader economy is struggling. The Conference Board, an industry group, said its index of consumer attitudes fell to 62 from a downwardly revised 64.4 in May, falling short of economists' expectations. It was the lowest level since January.
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