U.s. Home Price Growth Continues To Slow In May

Home Prices in 20 U.S. Cities Rose at Slower Pace in May – Yahoo Finance

On a non-seasonally adjusted basis, the index climbed 1.1 percent in May, matching the increase seen in the previous month. “Housing has been turning in mixed economic numbers in the last few months,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Prices and sales of existing homes have shown improvement, while construction and sales of new homes continue to lag.” He added, “At the same time, the broader economy and especially employment are showing larger improvements and substantial gains.” On Monday, the National Association of Realtors released a separate showing an unexpected drop in pending home sales in the month of June. NAR said its pending home sales index dropped by 1.1 percent to 102.7 in June after surging up by 6 percent to 103.8 in May. http://www.rttnews.com/story.aspx?Id=2358292

The number of Americans who signed contracts to buy previously owned homes unexpectedly declined in June, falling 1.1 percent from the month before, figures from the National Association of Realtors showed yesterday in Washington. New Homes Another report showed sales of newly built homes also declined last month, decreasing 8.1 percent to a 406,000 annualized pace and following a May reading that was a record 12.3 percent lower than previously estimated, according to Commerce Department data. That comes even as other pillars of the economy, such as the labor market and manufacturing, show signs of improvement as the recovery grinds on. Federal Reserve officials, who are meeting this week to discuss the outlook for central bank asset purchases and interest rates , are concerned about the housing outlook as they wind down their stimulus program. http://finance.yahoo.com/news/home-prices-20-u-cities-130503895.html

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