Home Prices Up Slightly In June
Home Prices Up Slightly In June
Standard & Poor's and Case-Shiller on Tuesday released their latest index on US home prices, which tracks values in the nation's 20 largest cities. The index showed that prices rose for the third straight month in June, but analysts have warned that these increases are typical for this time of year and prices could begin falling again if demand does not pick up.
The group's index of home prices rose 1.1 percent in June when seasonal factors are not considered. Spring and summer months typically bring a rise in home prices as families, who typically opt for new or at least non-distressed properties, begin buying homes. In the winter, on the other hand, families typically do not shop for homes as much and investors, snapping up cheaper foreclosed properties to turn for a profit, dominate the homebuying market.
Also, as families begin shopping in the warmer months, the added demand applies upward pressure on prices. In June, however, prices were still down 4.5 percent from the same month a year ago, indicating the housing market is still trying to reach a bottom. The Standard & Poor's / Case-Shiller US home price index, meanwhile, registered a 3.6 percent increase in home prices across the nation in the second quarter following a 4.1 percent dip in the first quarter.
Standard & Poor's and Case-Shiller on Tuesday released their latest index on US home prices, which tracks values in the nation's 20 largest cities. The index showed that prices rose for the third straight month in June, but analysts have warned that these increases are typical for this time of year and prices could begin falling again if demand does not pick up.
The group's index of home prices rose 1.1 percent in June when seasonal factors are not considered. Spring and summer months typically bring a rise in home prices as families, who typically opt for new or at least non-distressed properties, begin buying homes. In the winter, on the other hand, families typically do not shop for homes as much and investors, snapping up cheaper foreclosed properties to turn for a profit, dominate the homebuying market.
Also, as families begin shopping in the warmer months, the added demand applies upward pressure on prices. In June, however, prices were still down 4.5 percent from the same month a year ago, indicating the housing market is still trying to reach a bottom. The Standard & Poor's / Case-Shiller US home price index, meanwhile, registered a 3.6 percent increase in home prices across the nation in the second quarter following a 4.1 percent dip in the first quarter.
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