Investing.com – The S&P/Case-Shiller home price index rose less-than-expected in August, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index rose by 1.7% in August, after rising by 3.2% in July.
Analysts expected the house price index to rise by 2.0% in August.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Home prices broadly declined in August, indicating that the housing market continues to bounce along the recent lows”.
He added, “the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD falling 0.65% to hit 1.3874.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.49%, S&P 500 futures pointed to a decrease of 0.59% and Nasdaq 100 futures were down 0.54%.
In a report, Standard & Poor with Case-Shiller said its house price index rose by 1.7% in August, after rising by 3.2% in July.
Analysts expected the house price index to rise by 2.0% in August.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Home prices broadly declined in August, indicating that the housing market continues to bounce along the recent lows”.
He added, “the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD falling 0.65% to hit 1.3874.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.49%, S&P 500 futures pointed to a decrease of 0.59% and Nasdaq 100 futures were down 0.54%.