United States: Home prices flat in January
March 31, 2015
In January, the unadjusted S&P/Case-Shiller 20-city home price composite index registered no change over the previous month. The result was below the 0.1% increase registered in the previous month and the 0.1% increase that was expected by the market.
Home prices rose 4.6% over the same month of last year, which was up from the 4.4% rise recorded in December and marked a second consecutive acceleration. December’s result had marked the first acceleration in annual gains since November 2013. S&P pointed out that annual price increases were greater in 14 of the 20 cities surveyed.
According to S&P, “the combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices.”
Author: Carl Kelly, Economist