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NEW YORK, Sept 25 U.S. single-family home prices
rose for a sixth month in a row in July, though the improvement
was not as strong as expected, a closely watched survey showed
The S&P/Case Shiller composite index of 20 metropolitan
areas gained 0.4 percent in July on a seasonally adjusted basis,
shy of economists' forecasts for 0.9 percent, according to a
On a non-adjusted basis, prices fared better, rising 1.6
Six years after its collapse, economists believe the housing
market has turned a corner. Recent data show home resales and
groundbreaking on new properties rose in August, while business
sentiment among homebuilders picked up to a more than six-year
high this month.
Graphic on Case-Shiller home price data:
The home price data confirmed "recent good news" about the
sector, David Blitzer, chairman of the index committee at
Standard & Poor's, said in a statement.
"All in all, we are more optimistic about housing. Upbeat
trends continue," said Blitzer.
U.S. stock index futures held gains immediately after the
data, while long-dated Treasury bond prices trimmed gains and
the dollar extended losses slightly against the euro.
"This shows a continual recovery in the housing market,
which continues to progress," said Mike Gibbs, co-head of the
equity advisory group at Raymond James in Memphis, Tennessee.
Compared to a year ago, prices in the 20 cities were up 1.2
percent, beating expectations for 1 percent. It was the second
month in a row year-over-year prices have risen.
Four cities had prices that were lower than a year ago, with
Atlanta faring the worst, down nearly 10 percent. Hard-hit
Phoenix continued its rebound to gain 16.6 percent.
(Reporting by Leah Schnurr; Additional reporting by Ryan
Vlastelica; Editing by Chizu Nomiyama)
Keywords: USA ECONOMY/HOMES INDEX
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