Those who are planning to buy a home need not to worry more as the pace of rising home prices has slowed down since last year.
The S&P/Case-Shiller Home Price Index showed that even if the prices continued to mount this spring, its momentum was slow from last year.
The S&P/Case-Shiller Home Price Index, which closely records measure of home values, showed that the home prices rose by 9.3 percent annually in the reading in May. In April, it was 10.8 percent.
The survey conducted across 20 US cities may not be worrying for those interested in buying home, but concern looms large over the strength of housing recovery. Of all the cities participated in the survey, 18 showed slower year-over-year growth in May in comparison than in April.
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, “Housing has been turning in mixed economic numbers in the last few months.”
Blitzer further said that the sales and prices of the existing homes shown significant improvement. On the other hand, sales and construction of new homes continued to lag far behind.
He has also underlined about the improving economy and the US job market which is also showing larger improvements and substantial gains.
Following is the Year-over-year measure of nine cities which posted double-digit hike in May this year:
- Las Vegas (16.9%)
- San Francisco (15.4%)
- Miami (13.2%)
- San Diego (12.4%)
- Los Angeles (12.3%)
- Detroit (11.9%)
- Atlanta (11.2%)
- Tampa (10.2%)
- Portland (10.0%)