Home prices pick up na­tion­ally, but gains not ex­pected to last

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

Na­tion­ally, home val­ues rose 1.3 per­cent in May from April, ac­cord­ing to the Stan­dard & Poor’s/Case-Shiller 20-city home price in­dex. Nineteen of 20 cities showed price gains month over month, but con­di­tions are hardly uni­form across the coun­try.

Some cities, such as San Fran­cisco and Washington, have less area to build out and bet­ter job mar­kets, so they have suf­fered less or in some cases re­cov­ered more quickly. Fed­eral tax cred­its for home­buy­ers have also helped prop up prices in some cities. How­ever, many econ­o­mists don’t ex­pect the price in­creases to last, and many pre­dict prices will fall through the rest of the year.

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