US Home Price Gains Slow To 5.4% Annual Pace

NEW YORK, (APP - UrduPoint / Pakistan Point News - 26th july, 2016) : US home price gains slowed to a more sustainable pace in May as more properties, including newly built homes, hit the market, S&P Dow Jones Indices reported Tuesday. S&P's Case-Shiller index for home prices in the 20 top cities fell 0.1 percent from April and was up 5.2 percent from a year ago, slower than the 5.4 percent pace the previous month.

The strongest markets continued to be the northwest hubs Seattle and Portland, as well as Denver, Colorado. Previously hot markets New York and Washington, DC have slowed as buyers resist higher prices. "Overall, housing is doing quite well.

In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains," said David Blitzer of S&P Dow Jones Indices in a statement.