Home prices in major metropolitan areas continued to rise in December, though the gains came in slightly behind expectations.
The S&P/Case-Shiller 20-City Home Price Composite increased 5.7 percent from the same time in the previous year, versus analyst estimates for a 5.9 percent increase.
“While home prices continue to rise, the pace is slowing a bit,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
“Seasonally adjusted, Miami had lower prices this month than last and 10 other cities saw smaller increases than last month.”
The best year-over-year gains continued to be centered in Portland, Oregon, San Francisco, and Denver. Home prices were up 11.4 percent in Portland in December, while San Francisco and Denver both saw better than 10 percent gains.
The S&P Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was up 5.4 percent year over year in December.