S&P Dow
Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, showed a 6.5 per
cent y-o-y surge in June, following an upwardly revised 6.9 per cent y-o-y climb
(from +6.8 per cent y-o-y) in May. This represented the smallest annual gain in
house prices since December 2023 (+6.2 per cent).
Economists had forecast
a jump of 6.0 per cent y-o-y.
According to
the report, all 20 cities demonstrated
y-o-y increases in prices in June, led by New York (+9.0 per cent y-o-y), San
Diego (+8.7 per cent y-o-y), and Las Vegas (+8.5 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, soared 5.4 per cent y-o-y in June, following an unrevised 5.9 per cent y-o-y advance in the previous month.
On a m-o-m basis, the U.S. National Index gained
0.5 per cent, and the 20-City Composite advanced 0.6 per cent.