May Home Prices Up, But No Sustained Recovery - Spokane, North Idaho News & Weather KHQ.com

May Home Prices Up, But No Sustained Recovery

NEW YORK - Single-family home prices rose more than expected in May, reflecting robust spring sales spurred by homebuyer tax credits, Standard & Poor's/Case Shiller home price indexes showed on Tuesday.

May is a strong seasonal period for home sales, S&P said, and buyers who rushed into the market to sign contracts by the April 30 deadline for up to $8,000 in tax credits have until September 30 to close loans.

Home prices have essentially moved sideways over the past seven months, however, and are likely to bounce around the bottom for the foreseeable future, S&P said.

"There is still a huge amount of supply on the market but sales appear to have improved enough to stabilize prices," said Christopher Low, chief economist at FTN Financial. "It will be a long time before they recover back to where they were before."

The 20-city composite price index rose 0.5 percent on a seasonally adjusted basis in May after an upwardly revised 0.6 percent gain in April, topping the 0.2 percent rise forecast in a Reuters poll.

Prices on an unadjusted basis jumped 1.3 percent in May, after a 0.9 percent April gain and declines in the six prior months. The index increased 4.6 percent in May from a year earlier, S&P said.

"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still does not indicate that the housing market is in any form of sustained recovery," David M. Blitzer, chairman of the Index Committee at Standard & Poor's, said in a statement.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Man who confessed to Cheney pot shop murder provides information on two other cases

    Man who confessed to Cheney pot shop murder provides information on two other cases

    Tuesday, October 17 2017 9:15 PM EDT2017-10-18 01:15:17 GMT

    SPOKANE, Wash. - It's been roughly one month since a Cheney man was murdered, at random, as he ate lunch inside his car. Cameron Smith's body was recovered days after the fatal shooting. Donavon Culps provided a full confession to the killing, and now he's providing information that he says will solve two other Washington murders.

    >>

    SPOKANE, Wash. - It's been roughly one month since a Cheney man was murdered, at random, as he ate lunch inside his car. Cameron Smith's body was recovered days after the fatal shooting. Donavon Culps provided a full confession to the killing, and now he's providing information that he says will solve two other Washington murders.

    >>
  • Idaho State Police ask for help identifying bicyclist killed in hit and run crash on I-90

    Wednesday, October 18 2017 7:36 AM EDT2017-10-18 11:36:54 GMT

    COEUR D'ALENE, Idaho - Idaho State Police are asking for help identifying a bicyclist killed in hit and run crash on I-90 late Tuesday evening. The crash occurred shortly before 10pm Tuesday on I-90 at milepost 15.5 in Coeur d'Alene. According to Idaho State Police, an unknown vehicle struck a person on a bicycle in the westbound lane of travel.

    >>

    COEUR D'ALENE, Idaho - Idaho State Police are asking for help identifying a bicyclist killed in hit and run crash on I-90 late Tuesday evening. The crash occurred shortly before 10pm Tuesday on I-90 at milepost 15.5 in Coeur d'Alene. According to Idaho State Police, an unknown vehicle struck a person on a bicycle in the westbound lane of travel.

    >>
  • Spokane cancer patient says she's missing jewelry after surgery

    Spokane cancer patient says she's missing jewelry after surgery

    Tuesday, October 17 2017 10:14 PM EDT2017-10-18 02:14:26 GMT

    SPOKANE, Wash. 48-year-old Sherri Denison has been through a lot in 2017. In February Sherri went in for a mammogram and doctors at sacred heart gave her the news nobody wants to hear "I was diagnosed with ducal carcinoma which is breast cancer in my right breast," said Sherri.

    >>

    SPOKANE, Wash. 48-year-old Sherri Denison has been through a lot in 2017. In February Sherri went in for a mammogram and doctors at sacred heart gave her the news nobody wants to hear "I was diagnosed with ducal carcinoma which is breast cancer in my right breast," said Sherri.

    >>
HD DOPPLER 6i
/