Source: Economics Group of Wells Fargo Bank, N.A.
Case-Shiller Home Prices Moderate in June
The S&P/CoreLogic Case-Shiller 20-City Composite Home Price Index (HPI) rose a much smaller 0.4% in June, as more and more sellers reduced their asking prices. Consensus estimates had called for the 20-City index to rise 0.9%. The moderation in home prices is even greater than the headline suggests. While the S&P/Case-Shiller index is reported monthly, the data actually reflect a trailing 3-month moving average dating back to April. Discounting picked up considerably in May and June, and we expect home prices to moderate further in coming months. Both the 10-City Composite and National Composite indices rose 0.3%. READ FULL ARTICLE>>