ADVERTISEMENT
Home Prices in 20 U.S. Cities Rise by Most in Almost a Year
Home prices rose on the heels of stronger demand and lean inventory.
25 Feb 2020, 11:58 PM IST
(Bloomberg) --
Home prices in 20 U.S. cities advanced in December by the most in nearly a year on the heels of stronger demand and lean inventory.
The S&P CoreLogic Case-Shiller index of property values increased 2.9% from the same month the previous year, data released Tuesday showed. That’s the biggest annual advance since January 2019 and matches the median forecast in a Bloomberg survey of economists. Prices were up 0.4% from November.
Key Insights
- Mortgage rates, already near three-year lows, could decline further in conjunction with the latest drop in U.S. Treasury yields. Cheaper financing costs will likely underpin demand in a market constrained by lean inventory, leading to further home-price appreciation.
- A separate gauge from the Federal Housing Finance Agency, which tracks repeat sales and derived from conforming loans, showed home prices climbed 0.6% in December from the previous month, the most since September, and were up 1.3% in the fourth quarter.
Get More
- Prices in all 20 cities increased in the year through December, led by Phoenix; Charlotte, North Carolina and Tampa, Florida.
- National U.S. home prices increased 3.8% in December from a year earlier, the strongest annual advance since February.
To contact the reporter on this story: Katia Dmitrieva in Washington at edmitrieva1@bloomberg.net
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Vince Golle
©2020 Bloomberg L.P.
Get live Stock market updates, Business news, Today’s latest news, Trending stories, and Videos on NDTV Profit.
ADVERTISEMENT