United States: Home prices rise to seven-month high in November
January 31, 2017
The S&P/Case-Shiller 20-city home composite index inched up 0.2% in November from the previous month. The result, which was in line with market expectations, followed a 0.1% increase in October. When adjusted for seasonal factors, home prices increased 0.9% from the previous month, above the 0.7% rise observed in October.
On a year-on-year basis, home prices continued to rise across the U.S. They increased from October’s 5.1% to 5.3% in November—a seven-month high. S&P said that Denver, Portland and Seattle continued to report the strongest increases in prices of the 20 cities included in the index.
S&P commented that “with the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5% annual rate over the last two-and-a-half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago.”
Author: Ricardo Aceves, Senior Economist