The Case-Shiller 20-City home price index was up 0.75% month-over-month in December, and up 13.42% year-over-year in December.
This compares with expectations for a 0.6% MoM and 13.4% YoY rise.
“The S&P/Case-Shiller Home Price Index ended its best year since 2005,” David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said in a press release.
“However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over. Year-over-year values for the two monthly Composites weakened and the quarterly National Index barely improved. The seasonally adjusted data also exhibit some softness and loss of momentum.”
Recent housing data suggests “a bleaker picture for housing,” he said. We’ve seen a decline in homebuilder confidence, existing home sales tumbled, housing starts missed expectations.
Meanwhile, FHFA home prices were up 0.8% in December, beating expectations for a 0.3% rise.
Home prices were up 1.2% in Q4, compared with expectation sfor a 1% rise.
FHFA’s November numbers were revised down to show a 0.1% MoM fall, compared with a 0.1% rise previously.