U.S. home price gains slowed slightly in July from the previous month, with the tentative forecast of a federal interest rate hike in December confirming continued expansion in the housing sector.
The S&P CoreLogic Case-Shiller 20-City Composite index rose 5.0 percent year-over-year, versus expectations for an increase of 5.1 percent.
“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5 percent annual rate,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Topping the list of gainers was Portland, Oregon, with price appreciation of 12.4 percent. Seattle followed with an 11.2 percent increase, and Denver placed third with a 9.4 percent gain.
The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was also up 5.1 percent in June from 5.0 percent the previous year.