April 18, 2024

U.S. Home Prices Increased in July

The Standard Poor’s-Case-Shiller index shows home prices increased in July from June in 17 of the 20 cities tracked.

Over the last 12 months, prices fell in all but two cities — Detroit and Washington. Prices rose sharply in Minneapolis and Chicago. Prices in Las Vegas and Phoenix declined.

Housing is a major reason the economy has struggled more than two years after the recession officially ended. Home sales are on pace this year to be the worst since 1997.

Separately, a private research group said consumers’ confidence in the economy remained weak in September after dropping to a post-recession low in August as Americans continued to worry about high unemployment and low wages.

The Conference Board said its Consumer Confidence Index was at 45.4 points, up slightly from a revised 45.2 in August. Economists surveyed by FactSet had expected a reading of 46. The August reading, which was the lowest since April 2009, was almost 15 points below July’s reading of 59.2

A reading above 90 indicates the economy is on solid footing. Economists watch the number closely because consumer spending accounts for about 70 percent of American economic activity.

Article source: http://feeds.nytimes.com/click.phdo?i=d460144c87654519336c03238669486f

Speak Your Mind