The numbers: U.S. home prices set another record in May, according to the latest edition of the S&P CoreLogic Case-Shiller Home Price Index.

The national index recorded an increase of 16.6% over the past year, up from the prior record of 14.8% set last month. The separate 20-city index, which gauges home prices across a group of major cities across the country, increased over the past year by 17% in May, up from 15% in the prior month.

The big picture: Although not reflected in the data, economists see signs that boom conditions in the housing market are starting to ease. On Monday, the government reported that new-home sales in June were 32% below their peak set in January and sale prices were softening.

Market reaction: U.S. stocks
DJIA,
-0.61%

SPX,
-0.50%

were set to open lower on Tuesday after the smaller-than-expected gain in durable goods.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News