Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
U.S. stock index futures point to a higher open on Monday morning as the White House sought to calm investors over growing concerns about the U.S. economy.US Marketsread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Baidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Home prices moved higher, and while the gains were shrinking in May on a national level, some markets are seeing stronger price appreciation yet again.
Nationally, home prices rose 3.4% annually in May, down from the 3.5% annual gain in April, according to the S&P CoreLogic Case-Shiller home price indices. The 10-city price composite rose 2.2%, down from 2.3% the month before. The 20-city composite showed a 2.4% annual gain, down from 2.5% in April.
"Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so and a broad-based moderation continued," said Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, in a release.
Other more recent indexes have shown price gains growing. This particular read is a three-month running average ended in May, so it is less current.
Home prices in some major markets have been heating up due to tight supply of houses for sale. Inventories had been rising at the start of this year but are now flat nationally and lower in some cities, compared with a year ago. Inventory is also most slim on the low end of the market, where demand is strongest.
The median existing-home price in June reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800), according to the National Association of Realtors.
The seven cities with home prices seeing bigger annual gains are Los Angeles; San Diego; Washington, D.C.; Detroit; Minneapolis; Charlotte, North Carolina; and Cleveland.
Las Vegas, Phoenix and Tampa, Florida, reported the highest year-over-year gains among the 20 cities in the Case Shiller Index. In May, Las Vegas saw a 6.4% annual price increase, followed by Phoenix with a 5.7% increase, and Tampa with a 5.1% increase. Seven of the 20 cities reported greater price increases in the year ended in May 2019 versus the year ended in April 2019.
"Though home price gains seem generally sustainable for the time being, there are significant variations between YOY rates of change in individual cities," noted Murphy in the release. "Seattle's home price index is now 1.2% lower than it was in May 2018, the first negative [year-over-year] change recorded in a major city in a number of years. On the other hand, Las Vegas and Phoenix, while cooler than they were during 2018, remain quite strong."
The report shows substantial diversity in local price trends. Given that seven cities experienced stronger annual price gains in May than they did in April, if the inventory of homes for sale shrinks further, more cities could see that same turnaround in prices.