Home for sale sign (Realtors) and potential exiting and pending home sales contract. (PHOTO: REUTERS)
Home prices in 20 major U.S. metro areas were flat in December on a non-seasonally adjusted basis, missing expectations for a 0.1% expected increase. According to the S&P/Case-Shiller home price index, which covers the nationwide data, increased 5.4% in the 12 months, more than a 5.2% increase in November but slightly expectations.
Economists polled by The Wall Street Journal expected a 5.9% increase in the 20-city index. Further, the managing director at S&P Dow Jones Indices said he expects home prices to cool over the current year.
“While home prices continue to rise, the pace is slowing a bit,” said Mr. David Blitzer.
