Last week’s economic reports included Pending Home Sales, Construction Spending and several reports on jobs and employment.
Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July’s rate was 5.58 million sales of previously owned homes.
According to the Case-Shiller 20-City Home Price Index for April, home prices slowed from the March reading of 4.30 percent year-over-year to 4.20 percent year-over-year.
According to the Case-Shiller 20-City Home Price Index for February, month-to-month home prices increased by 0.50 percent from Januaryâs reading and achieved the highest year-over-year gain in six months. Analysts expected February home prices to increase by 4.80 percent.
According to the S&P Case-Shiller Home Price Index report for January, home prices grew by 4.50 percent year-over-year as compared to January 2014âs year-over-year price growth rate of 10.50 percent. This was the lowest rate of home price growth since 2012.
Last week’s scheduled economic events were packed into Tuesday and Wednesday, but several housing-related reports were released including the Case-Shiller National and 10-and 20-City Home Price Indices for September, The FHFA House Price Index also for September, and New and Pending Home Sales for October.
Last week, the S&P/Case-Shiller Index showed home prices gaining 5.5 percent during the 12-month period ending November 2012, marking the largest one-year gain in home prices since May 2010.
Nearly five-and-one-half years after April 2007 — the housing market’s national peak — prices are finally beginning to rebound.
Home values have not dropped month-to-month since January of this year — a span of 6 months.
According to the Standard & Poor’s Case-Shiller Index, home prices rose 6.9% between the first and second quarter of 2012, the largest quarter-to-quarter gain since the home-value tracker’s 1987 inception.