Economic Notes from the ABA

Home Price Growth Eases 

Home price growth in 20 major metro areas continued to rise in May, with year-over-year growth at 5.2 percent, according to the Standard & Poor’s/Case-Shiller Home Price Index released yesterday. Home price growth was down from the previous month’s 5.4 percent rate. Prices have grown at a rate of 5 percent or higher since early 2015. Eight cities reported year-over-year growth, and 12 cities reported increases in May. Year-on-year growth was highest in Portland, Seattle and Denver. 

 




New Home Sales Rise 

Sales of new homes were up 3.5 percent in June to a seasonally adjusted annual rate of 592,000 units, the Commerce Department said yesterday. The rise followed a decrease in May, and June’s figure was 25.4 percent above last year’s number. The median new home price for the month was $306,700.