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The
S&P/Case Shiller composite index of 20 metropolitan areas rose
5.4 percent in March on a year-over-year basis, a slight dip
from the 5.5 percent climb in the prior month but matched the
estimate from a Reuters poll of economists.
"The home price increases reflect the low unemployment rate, low
mortgage interest rates, and consumers’ generally positive
outlook," said David M. Blitzer, managing director and chairman
of the index committee at S&P Dow Jones Indices.
"However, the outlook is not without a lot of uncertainty and
some risk. Last week’s vote by Great Britain to leave the
European Union is the most recent political concern while the
U.S. elections in the fall raise uncertainty and will distract
home buyers and investors in the coming months."
Prices rose 0.5 percent in April from March on a seasonally
adjusted basis, the survey showed, short of expectations for a
rise of 0.6 percent.
On a non-seasonally adjusted basis, prices increased 1.1 percent
from March.
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 Marguerita Choy)
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