U.S. home prices rise moderately in June, housing sector to rebound modestly in 2017 - Barclays

Home prices in the U.S. registered modest rise in June. The S&P CoreLogic Case-Shiller 20-city Home Price Index rose 0.1 percent sequentially in June. This was slightly below Barclays projection of 0.2 percent rise. Meanwhile, on a year-on-year basis, the annual pace of price appreciation remained stable at 5.7 percent, in line with consensus expectations.

However, on a three-month annualized basis, growth decelerated significantly to 0.16 percent in June from 3.19 percent seen in May. Delving into details, out of 20 cities covered, 16 recorded positive sequential home price growth. This reflects a rebound in momentum relative to earlier months. The largest drops were seen in New York, Cleveland and Chicago.

Overall, despite subdued sequential momentum, the annual rate of home price appreciation has remained stable within the 5 percent to 6 percent range seen in the past year, and is consistent with the view of a modest and stable rebound in the housing sector in 2017, stated Barclays in a research report.

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