In more good news for the resurgent property market, Bloomberg has reported that house prices during the year up until May fell less than had been forecasted, and in some areas they were even reported to have grown.
Speaking about the news, Ellen Zentner, who is a senior US economist based at Nomura Securities International Inc, said: “This is great news that certainly bucks the trend of other data that points to an economy that’s slowing. It’ll be a salve for a lot of US households if we continue to see price gains in housing.”
With the disappointing news that consumer spending was shown to have slowed during June, the news that the property market was continuing to recover was a boost. Americans also experienced the largest gains in incomes during the past three months and it was shown that instead of spending they were choosing to replenish their savings.
Chairman of the S&P Index Committee, David M Blitzer, said: “We need to remember that spring and early summer are seasonally strong buying months, so this trend must continue throughout the summer and into the fall. The housing market seems to be stabilizing, but we are definitely in a wait-and-see mode for the next few months.”
Data from the National Association of Realtors showed that there was a drop in the number of homes available for sale.
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