Home prices unexpectedly fell by 0.3 percent month-over-month in May, missing economists’ expectations for a 0.3 percent gain.
This is according to the latest S&P/Case-Shiller report on U.S. home prices. Bloomberg reports this is the first month-over-month drop since January 2012. On a year-over-year basis, prices were up 9.3 percent, which was also below the 9.9 percent gain expected. [more]