Signs of resilience in the US housing market despite higher interest rates were on display in the latest batch of data, which showed rising house prices in big cities and new home sales hitting a 14-month high.
Prices in 20 major cities increased 0.9 per cent on a seasonally adjusted basis from March to April, according to the S&P Corelogic Case-Shiller index, surpassing analysts’ expectations for a 0.4 per cent rise. Prices over the preceding 12 months were down 1.7 per cent.
The figures represented further evidence the price decline that started a year ago ended in January, but Craig Lazzara, managing director at S&P Dow Jones Indices, said higher mortgage rates and “the continuing possibility of economic weakness” could challenge the market in coming months.
Separately, new home sales rose more than forecast to a 14-month high of 763,000 units. In recent weeks, several homebuilding companies have noted demand for new residences as buyers adjust to higher interest rates.
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