Home prices rose for the fourth consecutive month in most major U.S. cities in July, buoyed by the peak buying season. But the housing market remains depressed, and prices are expected to decline in the coming months. The Standard & Poor’s/Case-Shiller index released today shows home prices increased in July over the month previous in 17 of the 20 cities tracked. Prices rose sharply in Minneapolis and Chicago. Prices in two cities hit hardest by the housing crisis—Las Vegas and Phoenix—declined. Analysts cautioned that prices will likely fall during the autumn and winter months. Over the past 12 months, prices have fallen in all but two cities: Detroit and Washington. Sales of previously occupied homes are only slightly ahead of last year, which was the weakest since 1997. New-home sales dropped in August for a fourth straight month. This year is shaping up to be the worst for sales of new homes on records dating back to 1963. Read a longer article by The Associated Press here.
Spring buying boosts U.S. home prices for 4th month
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