Home prices moved up, but at a slower pace in June, pointing to signs that the housing recovery may have stalled. Still, rising property values boosted overall household wealth, which supported consumer spending. Per Bloomberg:
The S&P/Case-Shiller index of property values in 20 cities rose 12.1% in June from the same month in 2012 after rising 12.2% in the year ended in May, which was the biggest gain since March 2006, the group said today in New York. The increase matched the median forecast of 25 economists in a Bloomberg survey.