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The
S&P CoreLogic Case-Shiller composite index of 20 metropolitan
areas rose 5 percent in July on a year-over-year basis,
retreating from the 5.1 percent climb in June and short of the
estimate calling for a 5.1 percent increase from a Reuters poll
of economists.
"Both the housing sector and the economy continue to expand with
home prices continuing to rise at about a 5 percent annual
rate," said David M. Blitzer, managing director and chairman of
the index committee at S&P Dow Jones Indices.
"There is no reason to fear that another massive collapse is
around the corner."
Prices in the 20 cities were flat in July from June on a
seasonally adjusted basis, the survey showed, matching
expectations.
On a non-seasonally adjusted basis, prices increased 0.6 percent
from June.
Home prices in three U.S. cities, Denver, Seattle and Portland,
Oregon, showed the highest year-over-year gains, the survey
showed.
(Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)
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