U.S. home prices climbed higher than expected in July

Existing U.S. home prices increased in July over last year, the S&P CoreLogic Case-Shiller 20-city report, revealed Tuesday. File Photo by Kevin Dietsch/UPI

Sept. 26 (UPI) — Home prices in 20 major U.S. cities saw an increase in July that was much greater than expected, a new survey said Tuesday.

Figures from the S&P CoreLogic Case-Schiller report showed prices for existing homes continuing to rise.

The figures for July noted that U.S. property values are outpacing wage growth. The 20-city index rose a seasonally-adjusted 5.8 percent in the three-month period ending in July, compared to a year ago — and it increased 5.6 percent from June.

Seattle had the highest year-to-year hike (13.5 percent) and Portland, Ore., was second (7.6 percent).

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Las Vegas had the third-highest gain (7.4 percent), its seventh straight month of increases. Despite the rise, the value of Las Vegas real estate is still about 30 percent lower than at its peak a decade ago.

Analysts say home prices may continue to increase in the next several months due to market effects brought on by Hurricanes Harvey and Irma — which reduced housing supplies in Texas and Florida.

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