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Home price growth slows in July

September 29, 2010 - Recent reports indicate that many homesellers might be postponing their moving plans in the hope that they could sell their home for a higher price in the near future. But new findings from Standard & Poor's could render that practice futile.

Home prices rose in most metropolitan areas around the country, though the rate of growth was slower from June to July, reported Standard & Poor's. The S&P/Case-Shiller Home Price Index showed that national home prices increased 0.6 percent from June to July and 3.2 percent on a year-over-year basis.

But in most regions of the country, home price growth appears to be slowing. That might mean that delaying moving plans and holding out for a better price could be a waste of time. Home prices are likely to stabilize at their current low levels, said David Blitzer, chairman of the S&P's index committee.

"Anyone looking for home price to return to the lofty 2005-2006 might be disappointed," he said. "The next few months may give us an idea of the true strength of the housing market, as the temporary economic stimuli will have ended."

Many families may want to consider relocating now, given recent government data. New home sales activity remained at low levels in August, according to the Commerce Department, meaning that sellers may be offering good deals.
 

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