Spring buying pushed home prices up for a third straight month in most major U.S. cities in June. But the housing market remains shaky, and further price declines are expected this year.
The Standard & Poor’s/Case-Shiller home-price index showed Tuesday that prices increased in June from May in 19 of the 20 cities tracked. Prices rose 3.6 percent in the April-June quarter from the previous quarter. Neither of those numbers is adjusted for seasonal factors.
Over the past 12 months, home prices have declined in all 20 cities after adjusting for seasonal factors.
Chicago, Minneapolis, Washington and Boston posted the biggest monthly increases. Metro areas hit hardest by the housing crisis, including Las Vegas and Phoenix, reported small seasonal increases.
Housing has been a drag on the economy and is a key reason it has struggled to recover two years after the recession officially ended. Home sales are on pace this year to be the worst in 14 years.
High unemployment, larger downpayment requirements and tighter credit are preventing many buyers from entering the market. Many who can afford to buy are waiting because they are worried prices have yet to hit bottom.
Analysts say home prices have stabilized in coastal cities over the past six months. But many Sun Belt cities have reached their lowest point since the housing market went bust more than four years ago.
“These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together,” said David M. Blitzer, chairman of the S&P’s index committee.
The index measures prices compared with those in January 2000 and creates a three-month moving average. The June data is the latest available.
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Welcome to Rodney A Woodstock's Real Estate Today blog
Welcome to Rodney A. Woodstock's Real Estate Today blog!
Palm Beach County Florida Single Family Home Inventory Down for the month of July but home sales slow below 1,000 for the first time in the past 5 months. SF home sales down 19.9% in July 2011 from June 2011 / Month over month.
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