The latest S&P/Case-Shiller Home Price Indices for May indicates a slowdown from a year ago. The ten-city composite gained 9.4% year-over-year and the 20-City 9.3%, down significantly from the +10.9% and +10.8% returns that were reported last month. In May the 10-and 20-City Composites notched gains of 1.1 percent, and all 20 cities posted increases for the second consecutive month, according to worldpropertychannel.com. David Blitzer of S&P tells MHProNews home prices increased at their slowest pace since Feb. 2013,.
He adds, “Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains.” ##
