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The
S&P CoreLogic Case-Shiller composite index of 20 metropolitan
areas rose 5.7 percent in January on a year-over-year basis,
from a downwardly revised 5.5 percent increase in December.
January's result topped the estimate of a 5.6 percent increase
from a Reuters poll of economists and was the biggest
year-on-year increase since July 2014.
David M. Blitzer, managing director and chairman of the index
committee at S&P Dow Jones Indices, said recent rate increases
by the U.S. Federal Reserve are not lifting mortgage rates
dramatically and so should not present a significant headwind to
further price gains. The Fed raised rates a quarter percentage
point at two of its last three meetings, most recently earlier
in March.
If the pace of Fed increases accelerates, however, "rising
mortgage rates could become a concern," he said.
On a monthly basis, prices in the 20 cities rose 0.9 percent in
January on a seasonally adjusted basis, the survey showed,
outpacing expectations for a 0.7 percent increase.
On a non-seasonally adjusted basis, prices increased 0.2 percent
from December.
(Reporting by Dan Burns; Editing by Chizu Nomiyama)
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