Investing.com – The S&P/Case-Shiller home price index fell more-than-expected in November, declining for the 17th consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor’s with Case-Shiller said its house price index fell at an annualized rate of 3.7% in November, disappointing expectations for a 3.2% decline.
U.S. home prices in October fell by an unrevised 3.4%.
Month-on-month, U.S. home prices fell by 0.7% in November, compared to expectations for a 0.5% decline, after falling by a revised 0.7% in October.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD easing up 0.05% to trade at 1.3149.
Meanwhile, U.S. stock indices were broadly higher after the open. The Dow Jones Industrial Average rose 0.5%, the S&P 500 added 0.55%, while the Nasdaq 100 gained 0.6%.
In a report, Standard & Poor’s with Case-Shiller said its house price index fell at an annualized rate of 3.7% in November, disappointing expectations for a 3.2% decline.
U.S. home prices in October fell by an unrevised 3.4%.
Month-on-month, U.S. home prices fell by 0.7% in November, compared to expectations for a 0.5% decline, after falling by a revised 0.7% in October.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD easing up 0.05% to trade at 1.3149.
Meanwhile, U.S. stock indices were broadly higher after the open. The Dow Jones Industrial Average rose 0.5%, the S&P 500 added 0.55%, while the Nasdaq 100 gained 0.6%.