US Single Home Prices Rise in February

U.S. single-family home prices accelerated at a faster pace than expected in February, supported by a low inventory of housing stock, a survey showed on Tuesday.

The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5.9 percent in February on a year-over-year basis, after an unrevised 5.7 percent increase in January. February’s result topped the estimate of a 5.7 percent increase from a Reuters poll of economists and was the biggest year-on-year increase since July 2014.



David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said the low stock of existing homes for sale – currently just 3.8 months of supply at current sales rates – is bolstering the price increases.

“Housing affordability has declined since 2012 as the pressure of higher prices has been a larger factor than stable to lower mortgage rates,” he said.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza