U. S. home valuations rose at a slightly slower pace in June, but the Circumstance. S. industry continued to show resilience in the face of a coronvavirus pandemic
WASHINGTON — U. S. home prices rose at a slightly more relaxed pace in June, but the U. S. housing market continued within show resilience in the face of the coronvavirus pandemic.
The S& P CoreLogic Case-Shiller 20-city home price index rose the 3. 5% in June from a year earlier, down from May’s third. 6% increase and slightly below economists’ expectations.
Phoenix pre lit trees the way with a 9% increase through Seattle (up 6. 5%) and Tampa (up 5. 9%). But prices rose at all 21 cities measured in June. The 20-city index released Tuesday excluded expenditures from the Detroit metropolitan area index because of delays connected with outbreak at the recording office in Wayne County, which includes Detroit.
“The June Case-Shiller numbers show the housing market moves on to withstand the pandemic-driven blows that have caused so many many other facets of the economy to suffer, ” said economist Matthew Speakman at the real estate firm Zillow.
The continuing get spread around of COVID-19 cases and Congress’ failure to approve more financing up to the economy “could jeopardize the path of the economic recovery, ” Speakman wrote in a research report. But those “concerns haven’t appeared in home prices to this point. ”
The Nationally Association of Realtors reported last week that sales of existing You. S. home shot up by a record 24. 7% in Mid summer, the second straight month of accelerating sales. The back-to-back increases has helped stabilize the home buying market, which all but froze this behavior spring when the viral pandemic struck the United States.
In another good sign for the housing industry, the Commerce Division reported last week that construction of new U. S. homes increased 22. 6% last month as homebuilders bounced back from a tranquillise, tranquillize, calm down, quiet, quieten induced by way of the coronavirus pandemic.