U.S. home prices rose in June at record annual pace – S&P/Case-Shiller

FILE PHOTO: Newly constructed single family homes are shown for sale in Encinitas, California, U.S., July 31, 2019. REUTERS/Mike Blake/File Photo

(Reuters) – U.S. single-family home prices in 20 key urban markets rose in June from a year earlier at the fastest pace on record, a closely watched survey said on Tuesday.

The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas gained 19.1% through the 12 months ended in June, from an upwardly revised 17.1% the previous month, marking the largest annual price increase in the survey’s 20-year history. A Reuters poll of economists had forecast a 18.5% increase.

On a month-to-month basis, the 20-city composite index rose 1.8% from May. This was in line with estimates from economists polled by Reuters.

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