Home Prices Still Rising, But Slowing

Home Prices Still Rising, But SlowingA recent report from CNN Money indicates that the prices of homes are still increasing as expected, but the pace has definitely begun to slow.

National home prices rose 6.2% in June of 2014, when compared to last year on the S&P/Case-Shiller national home price index. This is a small gain, especially when compared to September 2013 gains of 10.6%, December 2013 gains of 10.8%, and March 2014 gains of 9.0%.

The 10 and 20 city index's prices rose at a slower year-over-year pace in June most of all, as every city reported lower gains. This is the first time this has happen in more than 6 years.

Housing market data, however, has sent a mixed message. The number of new homes sold dropped in July - for the third month in a row. However, existing home sales rose in July up to an annual rate of 5.15 million units - the highest level in 2014. Similarly, housing starts and builder sentiment have shown positive figures.

What does this mean? According to David Blitzer, spokesman for S&P, states that, "Taken together, these point to a more normal housing sector."

Questions on what these figures mean for you? Don't hesitate to send us an email or give us a call.

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