U.S. home price growth accelerates more than forecast in December - S&P Dow Jones Indices

S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 2.9 percent y-o-y in December, following a revised 2.5 percent y-o-y increase in November (originally a 2.6 percent y-o-y climb).

Economists had expected an advance of 2.8 percent y-o-y.

Phoenix (+6.5 percent y-o-y), Charlotte (+5.3 percent y-o-y) and Tampa (+5.2 percent y-o-y) recorded the highest y-o-y advances in December. Overall, twelve of the 20 cities reported greater price gains in the year ending December versus the year ending November.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, surged 3.8 percent y-o-y in December, up from 3.5 percent y-o-y in the previous month.

"The U.S. housing market continued its trend of stable growth in December," noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. "December's results bring the National Composite Index to a 3.8% increase for calendar 2019. This marks eight consecutive years of increasing housing prices (an increase which is echoed in our 10- and 20-City Composites). At the national level, home prices are 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak. Results for 2019 were broad-based, with gains in every city in our 20-City Composite."