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US Major City Home Price Growth Slumps To Weakest In 7 Years

Courtesy of ZeroHedge View original post here.

S&P CoreLogic Case-Shiller's 20-City Composite price index rose just 2.00% YoY in July - the weakest growth since August 2012.

The MoM rise of just 0.02% notably missed expectations of a 0.1% rise and the drop from a revised 2.16% YoY was also a sizable acceleration in the decline.

Source: Bloomberg

Nationally, home-price gains remained steady, rising at a 3.2% pace.

“Year-over-year home prices continued to gain, but at ever more modest rates,” Philip Murphy, global head of index governance at S&P Dow Jones, said in a statement.

“Gains remained positive in low-single digits in most cities, and other fundamentals indicate renewed housing demand.”

With a six-month lag, there is hope though that the collapse in mortgage rates may help home prices rebound once again…

Source: Bloomberg

All 20 cities in the index showed year-over-year gains except for Seattle, where prices were down 0.6% from a year earlier. Phoenix, Las Vegas and Charlotte reported the best annual gains among the 20 cities, led by a 5.8% gain in Phoenix.

 


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