Home Prices And Sales

The Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas increased 1.0% in May 2011 from the month before, with 16 of the 20 areas recording increases: only Detroit, Las Vegas, and Tampa posted losses while Phoenix remained unchanged. Analysts noted some good news as seasonal sales rebounded. Analysts pointed out that existing-home sales stayed flat in June, reportedly because of contract cancellations and tight credit. The S&P/Experian Consumer Credit Default indices showed a continuing decline in mortgage default rates since last winter. As with the rest of the economy, recovery remains slow but steady.

The US Census Bureau and the Department of Housing and Urban Development reported sales of new single-family houses in June 2011 were at a seasonally adjusted annual rate of 312,000, down 1% from revised May rate of 315,000 units. The seasonally adjusted estimate of new houses for sale at the end of June was 164,000, about a 6.3-month supply at the current sales rate.