Home prices rise more than forecast in November

Tue Jan 28, 2014 9:39am EST

A 'sale' sign is seen outside a house in Alexandria, Virginia in this July 22, 2010 file photo. REUTERS/Molly Riley/Files (

A 'sale' sign is seen outside a house in Alexandria, Virginia in this July 22, 2010 file photo.

Credit: Reuters/Molly Riley/Files (

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(Reuters) - U.S. single-family home prices rose slightly more than expected in November, while their increase from a year ago was the biggest in almost eight years, a closely watched survey showed on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.9 percent on a seasonally adjusted basis. A Reuters poll of economists forecast a rise of 0.8 percent.

The 20-city composite index rose 13.7 percent year-on-year, the largest rise since February 2006.

"Home prices continue to rise despite last May's jump in mortgage interest rates," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

"While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year."

Despite a 0.1 percent decline on a non-seasonally adjusted basis for the monthly gauge, the 10-city and 20-city measures posted their best November performance since 2005.

(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama)

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Comments (1)
I so love spin. Can someone please tell me what “seasonally adjusted” really means? The original version of this article says: “Home prices in 20 major U.S. metropolitan areas fell 0.1% on a non-seasonally adjusted basis in November from the month prior, while Wall Street expected prices to rise 0.2%. The S&P/Case-Shiller report showed prices were still up 13.7% on a year-over-year basis. ”

So even with my limited understanding of “seasonally adjusted”, I just do not think I can comprehend how adjusting for the season can actually change the direction from a loss to a gain. We went down, but we really went up? No wonder we’re falling behind the rest of the world in education. I don’t care if it is up or down, I just want a straight answer for once.

Jan 28, 2014 9:38am EST  --  Report as abuse
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