Home Prices Cooling, But Beat Expectations

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The S&P/Case-Shiller index of property values increased 4.9 percent from a year ago, beating expectations of 4.6 percent increase, although showing the the smallest gain since October 2012.

Seasonally adjusted, prices in 20 cities increased 0.3 percent in September, after falling 0.1 percent in August. THE FHFA Home Price Index came in flat, vs. consensus of a 0.4 percent increase.

Low mortgage rates continue to put a floor in housing prices, although demand appears to be waning. The year-ago housing price rate increase softened to 4.3 percent in September from 4.7 percent in August.

Shares of the SPDR S&P Homebuilders ETF XHB were up about 0.5 percent.

Posted In: NewsEcon #sMarkets
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