Home Prices Rise 1.5% in July, Beating Expectations (PHM) (HD) (HOV)
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Homebuilders are ticking higher Tuesday morning following new data out for home prices in July.
According to the report, the S&P/Case-Shiller Home Price index rose 1.6 percent in its 20-city composite from the same period last year. The Street was looking for a gain of 0.8 percent. The reading for June came in at 0.5 percent.
From the release: "Fifteen of the 20 MSAs and both Composites posted better annual returns in July as compared to June 2012. Dallas and Washington D.C. saw no change in their annual rates; and Cleveland, Detroit and New York saw their rates worsen in July, with respective returns of +0.4%, +6.2% and -2.6%. After nine consecutive months of double digit annual declines, Atlanta finally improved to a -9.9% annual rate in July 2012, but still the worst among the 20 cities followed by S&P Dow Jones Indices."
Commenting on the numbers, David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, stated, "The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence."
Ticking higher on the report are names like PulteGroup (NYSE: PHM), Hovnanian Enterprises (NYSE: HOV), KB Home (NYSE: KBH), Ryland Group (NYSE: RYL), Home Depot (NYSE: HD), and Lowe's (NYSE: LOW).
According to the report, the S&P/Case-Shiller Home Price index rose 1.6 percent in its 20-city composite from the same period last year. The Street was looking for a gain of 0.8 percent. The reading for June came in at 0.5 percent.
From the release: "Fifteen of the 20 MSAs and both Composites posted better annual returns in July as compared to June 2012. Dallas and Washington D.C. saw no change in their annual rates; and Cleveland, Detroit and New York saw their rates worsen in July, with respective returns of +0.4%, +6.2% and -2.6%. After nine consecutive months of double digit annual declines, Atlanta finally improved to a -9.9% annual rate in July 2012, but still the worst among the 20 cities followed by S&P Dow Jones Indices."
Commenting on the numbers, David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, stated, "The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence."
Ticking higher on the report are names like PulteGroup (NYSE: PHM), Hovnanian Enterprises (NYSE: HOV), KB Home (NYSE: KBH), Ryland Group (NYSE: RYL), Home Depot (NYSE: HD), and Lowe's (NYSE: LOW).
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