Prices are on the up and up…

Home prices up for 3rd straight month

msnbc.com staff, MSNBC.com, June 26, 2012, link

The hits keep coming for the U.S. housing market.

While the rest of the economy struggles with sluggish consumer spending and a stalled job market, data recently has been showing housing on the upswing. Prices for single-family homes rose for the third consecutive month, a widely-watched survey showed Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent on a seasonally adjusted basis, topping economists’ expectations of 0.4 percent. On a non-seasonally adjusted basis, prices fared even better, rising 1.3 percent.

Just three out of the 20 cities in the index saw declines in April on a seasonally adjusted basis.

“It has been a long time since we enjoyed such broadbased gains,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement.

“While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign.”

Compared to a year ago, prices were down 1.9 percent, beating expectations for a decline of 2.5 percent, and an improvement from the 2.6 percent annual decline seen in March.

 

Author: kimhuntkw

We specialize in Real Estate in the Pleasanton, Dublin and Livermore areas of the East Bay in California

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