NEW YORK, Feb. 27 (Xinhua) -- U.S. home prices surged in December 2017 on high demand and record low supply, said a report on Tuesday.
According to a report released by S&P Dow Jones Indices Tuesday, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.3-percent annual gain in December, up from the 6.1 percent in the previous month.
The 10-City Composite annual increase came in at 6.0 percent, no change from the previous month. The 20-City Composite posted a 6.3 percent year-over-year gain, down from 6.4 percent in the previous month.
Seattle, Las Vegas, and San Francisco reported the highest year-on-year gains among the 20 cities. In December, Seattle led the way with a 12.7-percent year-on-year price increase, followed by Las Vegas with an 11.1-percent increase, and San Francisco with a 9.2-percent increase.
After seasonal adjustment, the National Index recorded a 0.7-percent month-over-month increase in December. The 10-City and 20-City Composites both posted 0.6 percent month-over-month increases.
"The rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility," said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
"While the price increases do not suggest any weakening of demand, mortgage rates rose from 4 percent to 4.4 percent since the start of the year. It is too early to tell if the housing recovery is slowing. If it is, some moderation in price gains could be seen later this year," said Blitzer.
