According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, home prices rose annually 4.3% in June, unchanged from the gain seen in May. Gains had slowed slightly in May, so this appears to be a small recovery from the coronavirus-induced setback in home sales in March and April. The 10-City Composite increased 2.8% annually, down from 3% in the previous month. The 20-City Composite rose 3.5% year over year, down from 3.6% in the previous month. Craig Lazzara, managing director at S&P Dow Jones Indices, said in prepared remarks that, “More data will be required to understand whether the market resumes its previous path of accelerating prices, continues to decelerate, or remains stable. That said, it’s important to bear in mind that deceleration is quite different from an environment in which prices actually fall.”
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