Overall, buyers are being drawn into housing by low mortgage rates, affordable homes, and ample supply. If the August Pending Home Sales Index is foreshadowing the fall housing market, home prices appear slated to rise.
Home values “crept forward” in July. But not that it matters — the Case-Shiller Index is a better tool for economists than it is for homeowners. There’s 3 reasons why.
According to the Standard & Poors Case-Shiller Index, home values rose 5 percent in June versus the month prior, and 4 percent from a year earlier. It’s the 16th consecutive month in which Case-Shiller reported an increase in home values and the third straight month of outstanding results.
The number of home resales plunged by 1.4 million units in July. Home buyers may uncover opportunities for a deal.
According the Federal Home Finance Agency’s Home Price Index, home values are now just 12.5 percent off their April 2007 peak nationwide. This after a half-percent monthly increase in prices in May,on average.
Standard & Poors released its Case-Shiller Index Tuesday. On a seasonally-adjusted basis, between April and May 2010, home prices rose in 19 of Case-Shiller’s 20 tracked markets. It’s the second straight month of strong Case-Shiller findings.