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US house prices rise fastest for 16 months
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Annualized single-family home prices in the United States rose more than expected in November and at the fastest pace in 16 months, a survey said yesterday.
The S&P/Case Shiller composite index of 20 metropolitan areas rose 5.8 percent year on year in the month, following a 5.5 percent rise in October.
The November rise was just above the 5.7 percent estimated in a Reuters poll of economists and marked the largest such increase since July 2014.
“Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
Prices rose 0.9 percent in November from October on a seasonally adjusted basis, the survey showed, topping expectations for a rise of 0.8 percent. That was the fastest monthly gain since March.
Home prices in three US cities, Dallas, Denver and Portland, are now at record levels, the survey said. San Francisco matched its previous peak and Charlotte, North Carolina, is less than 1 percent from its record high.
Still, home prices nationally remain 4.8 percent below their record level from July 2006 before the housing market crash, although they have climbed 29.2 percent from their post-recession bottom in January 2012.
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