The new coronavirus is finally slowing housing prices in the United States
Standard & Poor’s said on Tuesday that S&P CoreLogic Case-Shiller’s national house price index rose 4.5 percent year-on-year in May, down 4.6 percent a month earlier. The 20-year-old Composite gained 3.7% year-on-year, down 3.9% in April. As in March and April, there were no transactions for Wayne County, Michigan, in 20 Composite cities due to delays at the local recording office due to the closure of COVID-19. The results miss BofA Global Research’s estimate of 4.9% annual growth in the national index and 4.1% annual growth for the 20-city composite.
“Housing prices in May were stable,” said Craig J. Lazzara, managing director and global head of investment strategy at S&P Dow Jones Indices, according to the press service. “Unlike the last eight months, the increase in May was lower than in April. Although prices rose in May, in other words, they slowed it down. Obviously, more data will be needed to know if the May report is a different path acceleration of prices or only a slight deviation from the otherwise unchanged trend. “
For the twelfth month in a row, Phoenix led the 20-year-old Composite, placing 9% of annual profits. Seattle and Tampa reported 6.8% and 6% annual growth, respectively.
“We have seen a similar development at the city level: prices have risen in all 19 cities we have data on, but have accelerated in only 3 of them (as opposed to 12 cities last month and 18 the month before),” Lazar said.
existing home sales resumed at a record rate, which is 20.7% more than in May, according to the National Association of Realtors. Last week, BofA identified five reasons the housing market was a “shining star” in the economy as the United States emerges from closing viruses. The results follow a series of positive data showing the housing market is recovering: In June, existing home sales resumed at a record rate – up to 20.7 According to the National Association of Realtors, from May last week BofA has identified five reasons why the housing market has been a “shining star” in the economy as the United States emerges from closing viruses.
Lazarus points out that “Even if prices continue to slow down, it is very different from the environment when prices actually fall.”
The National Association of Realtors (NAR) last week reported that the average housing price for all types of housing in June was $ 295,300, which is 3.5% more than in June 2019, as prices rose in each region, marking 100 direct months of the year for the year of benefit. Meanwhile, stocks remained depressed in June for a total of 1.57 million units, which is 1.3% more than in May, but still decreased by 18.2% compared to a year ago.
“Housing prices rose during the closure and may rise further due to strong competition from buyers and a significant shortage of supplies,” said Lawrence Yun, NAR’s chief economist, in a press release. can lead to inflated costs.
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