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Home prices unexpectedly fall in July

Sep 29, 2015, 18:30 IST

AP Photo

Home prices fell 0.2% in July, according to the latest report from Case-Shiller.

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Over the prior year, prices rose 5%.

Both of these reading were less than expected.

Expectations were for the report to show prices rose 0.1% in July compared to the prior month and rose 5.15% over the prior year.

The report showed that compared to the prior year, the largest increases were seen in San Francisco and Denver, where home prices rose more than 10%, while home prices in Dallas were up 8.7% from the prior year.

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"Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy," David Blitzer, chairman of the index committee at S&P Dow Jones Indices said in a release. "The S&P/Case Shiller National Home Price Index has risen at a 4% or higher annual rate since September 2012, well ahead of inflation. Most of the strength is focused on states west of the Mississippi."

In a note to clients following the report, Ian Shepherdson at Pantheon Macro said that other housing data, notably existing home sales, indicate that home prices are rising more than the Case-Shiller report suggests, adding that, "In short, these data attract a good deal of attention but they don't seem to tell us anything new. Ignore."

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