Home Prices, Sales on the Rise
Two separate reports this week showed new home sales and prices increasing after the long downturn. On Monday, the Commerce Department reported that sales of new single-family homes rose 11 percent in June, the third month in a row. And on Tuesday, the Case-Schiller Price Index from Standard & Poor’s showed that eight cities, including Chicago, showed price increases in May. While some economists say this may just be due to activity by speculators, both reports indicate that the nearly-two-year housing slide has at least slowed.
