NYC home prices post slowest gains of U.S. metros: VIDEO

TRD New York /
Aug.August 27, 2013 01:42 PM

While sale prices of U.S. homes increased in June, they rose at a slightly slower pace than in the previous month.

Property values in 20 U.S. cities increased 12.1 percent in June over the same month in 2012, a cool from May’s 12.2 percent increase, the biggest gain in the S&P/Case-Shiller index of property values since March 2006.

Still, all 20 cities in the index showed a year-over-year increase, led by a 24.9 percent gain in Las Vegas and 24.5 percent in San Francisco. New York had the smallest lift, at 3.3 percent year-over-year.

The “rate of growth of home prices is certainly slowing, but we’re still posting respectable year-over-year increases,” Brian Jones, a senior U.S. economist at Societe Generale in New York, told Bloomberg News. “Housing’s in good shape. We’re always going to keep one eye on mortgage rates to see if there is an appreciable impact going forward.”

While upward-bound property values are lifting overall household wealth and boosting consumer spending, rising mortgage rates are putting a damper on sales and refinancing.

“Housing prices are rising but the pace may be slowing,” David Blitzer, chairman of the S&P index committee, said in a statement. “With interest rates rising to almost 4.6 percent, home buyers may be discouraged and sharp increases may be dampened.” [Bloomberg News]Julie Strickland


Related Articles

arrow_forward_ios
Home sales plunged across South Florida in Q2

Home sales plunged across South Florida in Q2

Home sales plunged across South Florida in Q2
(iStock)

Here’s where resi prices fell the most in Miami in Q2

Here’s where resi prices fell the most in Miami in Q2
Clockwise from right: Hong Kong; Columbo, Sri Lanka; and Zagreb, Croatia (Credit: Wikipedia, iStock)

The best real estate markets on earth over the last decade

The best real estate markets on earth over the last decade
Home buyers have for decades been advised to never put a less than 20 percent down payment on a house, but 70% of young home-buyers are willing to break that rule this year (Credit: iStock)

Millennials are ready to break the golden rule of home-buying

Millennials are ready to break the golden rule of home-buying
Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Curb your enthusiasm: Homes with spruced-up outsides sell at premium
Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities

Good luck buying an affordable home in these US cities
Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

Home prices accelerate nationally as owners stay longer
The Mountain States saw the fastest home-price growth of any region (Credit: iStock)

Millennials head west for housing, and institutional investors follow

Millennials head west for housing, and institutional investors follow
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...