The HW 30 had a good day Tuesday, rising alongside the other stock indices in the wake of Standard & Poor's latest S&P/Case-Shiller Home Price report.
The August report was a bit of a mixed bag, with the 10- and 20-city Case-Shiller composites showing average price growth of 12.8% year-over-year.
Still, the summer slowdown trend surfaced, with all 20 cities showing some price deceleration between the months of July and August.
The S&P/Case-Shiller report – while not reflective of future trends – gave the market a dose of optimism. HW 30 rose 0.22%, reaching 1,022.81.
Another noticeable trend surfaced in relation to online real estate market Trulia Inc (TRLA).
The firm released its third-quarter results, which showed marketplace revenue up 96% year-over-year, reaching $24.8 million. Media revenue also increased 52% to $9 million. The company’s net income attributable to common shareholders hit $7 million, up from a net loss of $1.7 million in the third quarter of 2012.
Yet, Trulia’s stock edged down, falling 0.30% by market close. The stock price closed at $42.50 after opening at $43 per share.
Realogy Holdings (RLGY) went the other way during Tuesday trading, edging up 0.21%.
The operator of real estate brokerage offices experienced positive momentum through a subsidiary's transaction. The firm's NRT real estate brokerage subsidiary acquired Frank Howard Allen Realtors' operations in Northern California this week. Frank Howard Allen, which is one of the top 60 real estate brokerages in the U.S., closed $1.85 billion in sales volume last year.
Through the deal, Realogy's subsidiary gained 17 new company-owned offices in Northern California. On the same day of the announcement, its stock performed well too.
Another gainer in Tuesday trading was Move Inc. (MOVE), operator of realtor.com. Move's stock followed its third-quarter revenue higher, rising 1.88% Tuesday.
The company’s third-quarter revenue hit $58.8 million, an increase of 19% from last year. Meanwhile, Move's stock closed at $17.84 per share, up from $17.51 the previous day.
