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US home prices dip but seen stabilizing
By Lynn Adler |
September 29, 2010, Wednesday
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US single-family home prices dipped in July, and are seen stabilizing near the lows without the home buyer tax credit that ended in April, Standard & Poor's/Case-Shiller home price indexes showed yesterday.
The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.1 percent in July from June on a seasonally adjusted basis, as expected in a Reuters poll. The dip followed a 0.2 percent June rise, which was revised down from a 0.3 percent increase.
Unadjusted, the 20-city index gained 0.6 percent after June's 1 percent rise. A 0.4 percent rise was expected.
S&P, which publishes the indices, also said home prices in the 20 cities rose 3.2 percent from July 2009, a slower annual pace than the 4.2 percent rose in June.
Ten of the cities had annual gains and only Las Vegas set a new low, as the impact of the home buyer tax credit faded away, S&P said. But the annual growth rates slowed in 16 of the cities in July.
The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.1 percent in July from June on a seasonally adjusted basis, as expected in a Reuters poll. The dip followed a 0.2 percent June rise, which was revised down from a 0.3 percent increase.
Unadjusted, the 20-city index gained 0.6 percent after June's 1 percent rise. A 0.4 percent rise was expected.
S&P, which publishes the indices, also said home prices in the 20 cities rose 3.2 percent from July 2009, a slower annual pace than the 4.2 percent rose in June.
Ten of the cities had annual gains and only Las Vegas set a new low, as the impact of the home buyer tax credit faded away, S&P said. But the annual growth rates slowed in 16 of the cities in July.
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