US Home Prices Continue to Rise

Low inventory and mortgage rates pushed home-price gains to a 30-month high in December, according to the S&P/Case-Shiller U.S. National Home Price Index.

The index, which measures all nine U.S. census divisions, found that home prices rose 5.8 percent year over year, up from November’s 5.6 percent annual gain. The December rise was the highest annual increase since June 2014, when it rose 6.3 percent vs. to June 2013.

A poll by Reuters showed that the index was expected to rise 5.3 percent in December, after rising by the same amount a month earlier.

The S&P/Case Shiller 20-city composite index, which tracks the nation’s largest cities, gained 5.6 percent year over year, up from 5.2 percent the previous month. Seattle, Portland, Oregon, and Denver once again topped the charts with the largest year-over-year gains. Seattle continued to lead the pack, rising at an annualized rate of 10.8 percent.

Of the nation’s 20 largest cities, seven reached their all-time highs in December: Seattle, Portland, Denver, Boston, Charlotte, North Carolina, San Francisco and Dallas.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.