United States: Home prices rise at fastest annual clip in well over a year in November
January 27, 2016
In November, the unadjusted S&P/Case-Shiller 20-city home price composite index increased 0.1% over the previous month. The result matched October’s reading and came in just below the 0.2% print expected by the market.
Home prices rose 5.8% over the same month last year, which was higher than the 5.5% rise recorded in October and marked the largest increase since July 2014. S&P pointed out that annual price increases were greater in 14 of the 20 cities surveyed, including San Francisco and Denver.
According to the director of the index, “home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market.”
Author: Carl Kelly, Economist