HousingWire – Christina Mlynski
While some borrowers might pull out of the housing market at the sight of the slowdown in home prices, market experts are cautioning consumers not to slam on the housing breaks just yet. Home prices only increased from June to July by 0.6%, Lender Processing Services revealed Monday in its U.S. Home Price Index. However, from last year, July prices soared 8.7% above 2012 levels, the company said. The report is the result of a survey of July transactions from more than 18,500 U.S. ZIP codes. Last week’s housing data points to positive signs in the housing market. But when taking a closer look, the market posted mixed views. For instance, housing starts were up in August, but only due to July starts being revised down, which means housing may be flattening. On the reverse, existing-home sales came in at a recovery best, hitting an annual rate of 5.480 million in August, well above market consensus.