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Whether the late summer real estate market favored buyers or sellers may be leaning toward the sellers (at least until September figures are available) given the most recent numbers from the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
The U.S national Case-Shiller Home Price Index rose 3.2% year-over-year in July, largely in line with expectations. The smaller 10- and 20-city composite indices grew more slowly, at 1.6% and 1.9% year-over-year, respectively. On a monthly (seasonally adjusted) basis, the 10-city index was slightly lower in July than it was in June, while the 20-city index was flat and the national index was up modestly.
The latest home sales and building data offer further proof that the recent bout of housing malaise may be nearing an end. August existing home sales, starts and permits all easily exceeded industry expectations and posted some of their strongest readings in years. This strength, teamed with steady homebuilder sentiment, growing home construction employment and still-low mortgage rates, show the housing market still has plenty of fight as summer turns to fall.
