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

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 prices chilled for fourth month in October
Home prices chilled for fourth month in October
Home prices chilled for fourth month in October
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
KPMG chief economist Diane Swonk (Getty Images, KPMG, YouTube/LAI)
US home prices falling 15% looks “conservative”: KPMG
US home prices falling 15% looks “conservative”: KPMG
Case-Shiller, Home Prices, Housing Market,
U.S. home prices declined in August with record drop
U.S. home prices declined in August with record drop
Residential Real Estate, South Florida Real Estate, Florida, Home Sales, Home Prices
Investors eye Florida homes damaged by Hurricane Ian
Investors eye Florida homes damaged by Hurricane Ian
(Photo Illustration by The Real Deal with Getty)
Economists predict “ugly” fourth quarter for US housing market
Economists predict “ugly” fourth quarter for US housing market
(Illustration by The Real Deal with Getty Images)
Home prices cooled at historic rate in July
Home prices cooled at historic rate in July
Martha’s Vineyard, home prices, inflation
On Martha’s Vineyard, even doctors priced out of homes
On Martha’s Vineyard, even doctors priced out of homes
arrow_forward_ios

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

Loading...