Investing.com – The S&P/Case-Shiller home price index fell less-than-expected in July, declining for the thirteenth consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 4.1% in July, better than expectations for a 4.4% decline.
The previous month’s figure was revised to a drop of 4.4% from a previously reported decline of 4.5%.
The report showed that U.S. home prices rose 0.9% in July from June, rising for the fourth consecutive month.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices.”
“This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of the 20 cities.” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.44% to trade at 1.3595.
Meanwhile, U.S. stock index futures were largely unchanged after the release of the data. The Dow Jones Industrial Average futures indicated a gain of 1.65%, S&P 500 futures jumped 1.8%, while the Nasdaq 100 futures rose 1.45%.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 4.1% in July, better than expectations for a 4.4% decline.
The previous month’s figure was revised to a drop of 4.4% from a previously reported decline of 4.5%.
The report showed that U.S. home prices rose 0.9% in July from June, rising for the fourth consecutive month.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices.”
“This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of the 20 cities.” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.44% to trade at 1.3595.
Meanwhile, U.S. stock index futures were largely unchanged after the release of the data. The Dow Jones Industrial Average futures indicated a gain of 1.65%, S&P 500 futures jumped 1.8%, while the Nasdaq 100 futures rose 1.45%.