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Home-price gains in cities decelerate.

Byline: WP Bloomberg

Home-price gains in cities decelerate

Home prices in 20 U.S. cities in May decelerated for a 14th straight month, underscoring moderation in the nation's real estate market.

The S&P CoreLogic Case-Shiller index of property values improved slightly while home-price growth nationally moderated compared to May of last year, according to data released last week.

The data show buyers remained sensitive to high asking prices even with mortgage rates close to their lowest level since late 2016, sustained job growth and steady wage gains.

Residential construction hasn't contributed to economic growth since the fourth quarter of 2017.

Another recent report showed sales of previously owned properties declined in June, missing forecasts in the latest signs of lukewarm demand as a limited supply of low- to midpriced properties continued to weigh on demand.

"Though home price gains seem generally sustainable for the time being, there are significant variations between (year-over-year) rates of change in individual cities," Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, said in a release. "Seattle's home price index is now 1.2% lower than it was in May 2018, the first negative YOY change recorded in a major city in a number of years."

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Title Annotation:Business wire_
Publication:Daily Herald (Arlington Heights, IL)
Date:Aug 4, 2019
Words:209
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