Home Prices Slow to 13.2% Annual Growth for January
Home price growth slowed down slightly for January, according to an S&P/Case-Shiller Home Price Index report (link opens as PDF) released today.
After year-over-year prices marked a 13.4% gain for December 2013, the January index's 20-city home price composite clocked in just 13.2% over year-ago levels. Analysts had expected a slight dip in growth, but only to 13.3%.
According to the report, 12 of the larger index's 20 cities saw year-over-year price growth slow for January.
While annual growth slowed, month-over-month growth stayed consistent, notching another month of seasonally adjusted 0.8% gains.
On a not-seasonally adjusted bases, month-to-month, Chicago's index fell 1.2%, for the largest decline, while Las Vegas led the index's growth at 1.1%, its 22nd straight monthly gain.
"The housing recovery may have taken a breather due to the cold weather," noted David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement today. "Twelve cities reported declining prices in January vs. December; eight of those were worse than the month before. From the bottom in 2012, prices are up 23% and the housing market is showing signs of moving forward with more normal price increases."
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