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U.S. residence worth development slowed in August- S&P Case-Shiller

Oct 26 (Reuters) – U.S. single-family residence costs rose lower than anticipated in August, posting the smallest month-to-month achieve in additional than a 12 months, a intently watched survey mentioned on Tuesday.

The S&P CoreLogic Case Shiller composite index of 20 metropolitan areas rose 1.2% on a seasonally adjusted foundation after posting a 1.5% enhance in July. It was the smallest month-to-month achieve since July 2020 and was beneath the consensus estimate in a Reuters ballot of economists for a achieve of 1.5%.

The knowledge for August “suggest that the growth in housing prices, while still very strong, may be beginning to decelerate,” Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, mentioned in an announcement.

Prices within the 20 metropolis index rose 19.7% 12 months over 12 months, down barely from July’s report yearly enhance of 20%. The annual achieve was additionally shy of economists’ expectations for a 20.0% rise.

Reporting By Dan Burns
Editing by Chizu Nomiyama

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021.   REUTERS/Mike Blake/File Photo