Pursuits
U.S. Home Prices Rose More Than Estimated in July, FHFA Says
- Increase is 0.6% from June; economists had forecast 0.4% rise
- Rising employment, tight supply are contributing to gains
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U.S. home prices increased more than estimated in July as the job market improved and buyers competed for a tight supply of properties.
Prices climbed 0.6 percent on a seasonally adjusted basis from June, the Federal Housing Finance Agency said in a report from Washington Tuesday. The average estimate of 23 economists was for a 0.4 percent increase, according to data compiled by Bloomberg. The gain was 5.8 percent from a year earlier.