Home Prices Grow at Slowest Pace in 10 Years; Consumer Confidence Up

Home-price increase of 1.3% was the slowest pace in more than 10 years in the 12 months ending in November, according to S&P/Case-Shiller home-price index by MacroMarkets and Standard & Poor's. 

The S&P/Case-Shiller home-price index for 10 major metro areas fell 0.4% in November vs. October, with a year-on-year price gain of just 1.3%, the slowest pace since late 1996. A year ago, home prices were rising about 16% year-over year.

The S&P/Case-Shiller index is based on repeat sales of single-family homes in 20 major markets.  

The median price of new homes has fallen 1.5% in the 12 months ending in December, according to the Census Bureau. 

The median price of an existing single-family home was flat in the 12 months ending in December, according to the National Association of Realtors

Related Commentary:

The Conference Board Consumer Confidence Index edged up slightly in January, following strong rise in December. The Index now stands at 110.3 (1985=100), up from 110.0 in December. The Present Situation Index increased to 133.9 from 130.5. The Expectations Index, however, declined to 94.5 from 96.3 last month.

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