Home prices in the United States were disappointing and indicate that the housing market remains sluggish despite lower prices and interest rates.
A housing report by the Standard & Poor’s /Case-Shiller index showed house prices fell in November by 1.3 percent from the previous month’s 1.2 percent drop and more than the expected 0.8 percent drop. The numbers are non-seasonally adjusted and calculated on a monthly basis.
On a seasonally adjusted basis, prices fell 0.7 percent from the previous 0.6 percent.
Markets reacted little to the data since the report was based on November prices and since then the US economy has shown improvement and has made a good start to the new year.
The index is derived from measuring the change in the selling price of single-family homes in 20 metropolitan areas in the United States.