U.S. Home Prices Rise at Fastest Pace in a Year

  • 2/5/2023
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Washington, Jumada II 1, 1438, Feb 28, 2017, SPA -- U.S. home prices rose in December from a year earlier at the fastest pace in 11 months, an industry index showed Tuesday, as prospective buyers bid against each other for a limited supply of available property. The Standard & Poor’s/Case Shiller 20-city home price index increased 5.6 percent, the most since January 2016. The price gain reflects a healthy pace of home sales, which rose in January to the fastest level in a decade. Steady job gains and growing consumer confidence have encouraged more people to look for a home. Mortgage rates, however, have risen since last fall, and with prices also increasing, homes are becoming less affordable. A measure of pending home sales fell in January, a sign that final sales may soon fall as well. --SPA 21:15 LOCAL TIME 18:15 GMT www.spa.gov.sa/w342889

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