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Home prices rise more than forecast in November [January 29, 2014] (Reuters) — Prices of U.S. single-family homes rose slightly more than expected in November, while their increase from a year ago was the biggest in almost eight years, a closely watched survey showed on Tuesday. |
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The S&P/Case Shiller composite index of 20
metropolitan areas gained 0.9 percent on a seasonally adjusted
basis. A Reuters poll of economists forecast a rise of 0.8
percent. The 20-city composite index rose 13.7 percent year-on-year, the
largest rise since February 2006. "Home prices continue to rise despite last May's jump in
mortgage interest rates," David M. Blitzer, chairman of the
Index Committee at S&P Dow Jones Indices, said in a statement. "While housing will make further contributions to the economy in
2014, the pace of price gains is likely to slow during the
year." Despite a 0.1 percent decline on a non-seasonally adjusted basis
for the monthly gauge, the 10-city and 20-city measures posted
their best November performance since 2005. (Reporting by Rodrigo Campos; editing by Chizu Nomiyama) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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